Property sales down by 75 per cent with 50 viewings to get a deal get a sale

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Phones have been eerily quiet since the middle of last month when Lehman Brothers collapsed, according to agents who are struggling to convert viewings into sales.

There is a growing fear that without a pick-up soon, hundreds of high street branches will have to close.

Foxtons has already started to shed staff and cut back on advertising.

Even before the events of the past months property sales in London were down by more than half on last year. Now the fall is thought closer to 75 per cent.

Liam Bailey, head of residential sales at Knight Frank, said: "It's been very bad since April, but it did seem to be picking up slightly in September. There was a sense that people felt things had got as bad as they were going to. But since Lehman collapsed it's got worse than ever due to all the uncertainty. "

Lindsay Cuthill, director of Savills, added: "We're still getting viewings but it's harder to turn those into sales. Some of our offices say they need 50 viewings before they get a deal."

The stagnation comes after Halifax revealed the average price of a home has dropped 13.4 per cent over the past year.

But Marsh & Parsons managing director Peter Rollings said in London real prices were down 20 per cent. His firm last week sold a west London flat for £260,000 to a buyer who paid £360,000 for it last year.

Stephen Smith, of the south London branch of the National Association of Estate Agents, said agencies are refusing to take on homes at unrealistically high prices.

"They're telling sellers to lower their expectations or forget it," he said.