Sellers have been warned to that if they want to sell their property quickly they will have to drop the price, according to a London estate agent.

Ed Ogden from Bushells estate agent told Sky News: "If a homeowner thinks they can value their property at the same level as six months ago, they should expect their estate agent to tell them otherwise for their own good."

The news provider claims that the UK property sector has entered a buyer''s market and as a result sellers are slashing the price of their property to achieve sales.

However, Chris Brown, president of the National Association of Estate Agents, claims falling house prices are doing little to restore market confidence.

Mr Brown states that a "slow drip feed" of falling prices has a negative impact on first-time buyers.

He suggests a coordinated effort across the UK to simultaneously drop house prices could remedy the situation.