'We hope places to buy will be reduced as well'

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The couple own a four-bedroom, three-bathroom home off Fulham Palace Road, south-west London, which was put on the market for £1.295million last month but has now been cut by £100,000.

Mrs Jennings, a property finder, said they were not desperate to sell but thought the market was "all relative" and discounts would be passed on along the line. She said: "In the current financial climate, no one can predict property patterns at the moment.

"We are taking a gamble by dropping our price but feel similar reductions will be reflected with sellers who we will then be looking to buy from."

The couple, who have three children - Ella, eight, Tilly, six, and Joe, four months - bought the house in 2006 and spent a year gutting and renovating it. Mrs Jennings, 36, said her husband, 31, who manages building projects for clients in Fulham, was keen to find a new house to live in and renovate.

"We are not going to look to buy anything until we have had an offer and exchanged on this house," she said. "We have had a few cheeky offers but nothing has been accepted."