Page last updated at 11:07 GMT, Thursday, 24 July 2008 12:07 UK

House seller's weekly 1,000 cut

23 Stanley Road in Skewen
The house was first put on the market at 150,000 in December

A seller caught out by the property slump is cutting 1,000 a week off the price of a house until it is sold.

The four-bedroom home in Skewen, near Neath, first went on sale at 149,950 but it is now down to 120,950.

John Parker, whose company PXS bought the house last year for an undisclosed price, said he was inspired by a shop-owner who did the same to sell sofas.

The estate agent who is dealing with the sale said she expected the house to be snapped up very shortly.

After initially putting it on the market in December, Mr Parker re-advertised it for 125,000 a month ago and 1,000 is being taken off the asking price each week.

The 52-year-old said: "The market is more uncertain now than in the past so it is harder to sell now than it would have been nine months ago.

"I would have hoped to sell this house within a couple of months but we had to have a rethink when the credit crunch kicked in.

A house is only worth what someone else will pay for it
Jayne Pearce, estate agent

"There are still house buyers out there but they are playing a waiting game.

"But I hope someone will think 'If I don't make an offer now, I'm going to lose out altogether.'"

"The offers are already starting to come in - it is only a matter of time."

Jayne Pearce, sales manager at Peter Morgan estate agents, who is handling the sale, said: "A house is only worth what someone else will pay for it.

"The vendor has realised the situation throughout the country has changed quite dramatically."

Ms Pearce said she felt it was now very competitively priced.

She said one offer for the house had been turned down but another was being considered.

"We have a number of viewings this weekend - the publicity has certainly worked," she added.

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