He has 20 properties and has the cash for more, but despite his experience he is flummoxed. So agents of the nation, please help.

“Latest house price research suggests that selling prices in the UK are around 10 per cent less than asking prices. But then, we hear that there is such a shortage of property that offers are exceeding asking prices. Sealed bids and ‘offers over’ are less common in Scotland than they used to be but are gaining popularity south of the border. In the South of England, there seems not to be much on the market, but as a snapshot, Findaproperty has over 6,000 homes in central London alone, 14,000 in Manchester and 500 in the small seaside city of Brighton.

"So as an agent, how do you a) value in a home in today’s market and b) how do you evaluate a potential purchaser’s offer? If a flat is for sale for £250,000, the same price as it was purchased for two years ago, is it actually worth £250,000? Or is it worth five per cent less, ie £237,500?

"I made an offer of 10 per cent less and the agent didn’t laugh but his face said it all. I thought it was reasonable but it’s a no-go apparently, with the vendors who want to sell but ‘aren’t desperate’. It’s a good flat, I can’t come up with any legitimate reason to devalue it as it's in perfect nick and it will let well, but I don’t know if prices are going to come down so I don’t want to overpay for this. Please advise?”

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