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32 years ago, that wouldn't have been the asking price, completely different economic climate and who is to say she even purchased the house as a 19 year old. Who can judge anyone for wanting to get the most out of their property. I'm trying to sell my family home of 20 years and trust me there is a BIG difference between what i purchased it for and what it's worth today.

- Sarah, Battersea

If Mrs R has lived there 32 years and is 51, she must have been 19 or so when they bought it. 19. Think about that: how many 19 year olds could afford the current asking price, let alone the original £1.2M ? I bet Mrs R's 20 year old daughter can't, and the reason is her parents' greed.

- Phil, London, UK

The most keen and bullish buyers are currently out there in the market now looking around property. For current sellers to say "I can wait", well your going to be getting buyers further down the line that will want to pay even less. I met a private landlord that was buying up all the local properties when they had fallen 5% in value, he thought he was a bargain (I thought he was deluded) - I think he must have gone bankrupt - all his flats are now on the market for sale.

- Simon, London

I'm nearly as sick of these sob stories as i was of property makeover programmes. Everyone turned into a small time property developer, now their realising that it ain't that easy. As for this one, it hasn't sold-beasue it isn't worth it.

Houses are for living in, not a piggy bank. If you think you can wait for prices to rise or rent it out until you get the money you want go ahead, you'll be doing it well into retirement.

- Nick, London

As usually the VI's are trying to talk up an overpriced market and forget recession and financial crisis. Houses will start to sell when they reach around 50% of peak.

- David B, eastbourne

How on earth is nearly a million pounds a justifiable price for a house in Cricklewood? This is not Beverley Hills we're talking about.

Don't people understand the banks are bust, as is the City, so there just isn't the money for these fantasy prices any more.

Property prices are going to have to revert to sensible multiples of real salaries. To those who think they can 'sit it out', I wish you luck. The debt binge and the pyramid scheme of UK property is finally over and the sooner people realise it the sooner the country can start to recover.

- Austin, London

Funny old world - 18 months ago we had endless letters through the door asking if we wanted to sell our house because such and such agent had a buyer. Now there are several houses for sale in the street (not with "for sale" signs out) and no activity. We live in an area traditionally dependant upon banker's bonuses for activity so go figure...

There are people who are desperately unlucky because of unfortunate timing or events out of their control - but if over the long term you have regarded your house as primarily somewhere to live and your mortgage as something to reduce rather than to fund your lifestyle you should be able to squeak through this downturn barring other bad luck. The trouble is that with our economy seeming to rely upon credit-fuelled spending, if everyone starts to behave like that the recession will be prolonged.

- Michael, london

Forget affordability at 1% interest rates. This is temporary. If not, expect high inflation and high service on your debt as a result. Prices are not sustainable, but people still think they will get more if they wait? Sounds Very greedy to me, especially if you can sell, in this womans case at probably a huge profit even if she knocked more off the price.

Why didn't everyone sell in 2007? Because they thought they could get more, greedy greedy greedy.

- Luke, Beckenham

NJ, You have to factor in the impact of rising unemployment and huge wage/bonus cuts in the city and lack of credit to both businesses and personal borrowers. This will feedback into housing prices driving them lower. That is why they are 20% overvalued. Furthermore wealthier property speculators are are likely to pull their money out of the property market further exacerbating the problem. Why dont people get it yet? Its all an artificially propped up giant ponzi scheme! Lastly if the stimulus packages fail to restore confidence in banking sector then a 20% drop would be a conservative estimate. And no property prices will not bounce back to current levels as the culture of reckless bank lending that fueled the property boom is GONE FOREVER.

- James, London

"but there has never been on occasion, ever, where property prices haven’t recovered after a slump"

Really. House about Japan in the last 20 years?

House about after the Black Death?

- Greg Grimer, London

Surely a property is only worth what someone is prepared to pay for it - if no one bought it at 1.2million then clearly it was not worth 1.2 million, no? So to say a property is reduced by 22% is of no value - its the trick shops do - they price something out of season and then when the season arrives reduces it and cons you into thinking its a bargain - sellers need to realise that they are dreaming if they think current prices are going to continue they will go down further without a doubt - first time buyers fearful of job security are going to think very,very carefully before they take on a large mortgage - who wants all those sleepless nights of worry? The only thing that is going to go up in value in the next 12 months is Gold .. the dollar will fall and the recession will deepen

- Michael, London

I agree with Nj, London. I retired recently and put my house up for sale at a much lower price than other nearby properties as i wanted to move from the area, but people were offering half of that (less than I paid for the house). So I've rented it out on a long term lease to a couple of doctors and have moved in with my sister. I'll put it back on the market in a few years when things settle. I can wait.

- Maire, London

I’m not exactly sure how people here have worked out that property is over 20% overvalued other than wishful thinking. For example my mortgage repayments on my flat cost under £600pcm whereas to rent it would be over £900pcm. You have to live somewhere after all and renting looks like a poor deal to me, oh, and I have an asset rather than paying off the loan on someone elses…. Ok, so the value of my asset has fallen, and may still do some more… but there has never been on occasion, ever, where property prices haven’t recovered after a slump … it maybe some way off but the market will pick up, and when it does it will boom with all the pent up demand from people who have been paying hundreds a month for a mean little room in someone else’s house. And do you know what, us owners know that, so were not going to be selling any time soon until buyers start making sensible offers.

- Nj, London

My neighbor placed his house on the market 10 months ago,
revising the price in September advertising that its chain free and has since stuck to the same price.

He is now over 15 / 20 percent over the value, going on the other sells in the area.

Its not that houses are not selling, its people that want to pay nothing for them and the sellers won’t drop.

- Peter. C., rainham. essex.

If she reduced it enough she would sell it - she's just being greedy - she could quite easily afford to reduce it more

- Dom, Victoria

If she lived above her means for the last 10 years on the belief that her house sale would see her through, then tough luck! What about the rest of us that have saved for 8 years in vain, we've not had the anything to look forward to other than property prices rising and our best efforts in accumulating a large deposit still not meeting the mark. The way things are going I might soon be able to get onto the housing ladder, however will I have a job long enough to facilitate this?

- Declan, london

Most people selling now are people with more than one property so expect no sympathy as you all fed the rising house prices and rents. Your investment has gone down, what a shame.

- Dc, London

James, London: I agree, many people can't afford to sell, in particular those who bought in recent years at top prices with huge mortgages. But people such as Mrs Rynkowska who bought more than 30 years ago at a mere fraction of what she is now asking, and whose properties have increased in value purely by virtue of market forces caused by irresponsible borrowing and lending, are a part of the problem. To such people I say, think yourselves lucky, don't complain, don't be greedy, either stay put in your lovely home or drop the price and move - you'll still be pockets in.

- Pat, East Kent UK

Mrs Rynkosvka says the family has lived there for 32 years. I wonder how much they paid for their home in 1977? If they are serious about selling now and moving to the country, they must stop being so greedy.

- Pat, East Kent UK

Problem is most sellers probably cant afford to drop the price by the amount required to sell. Sadly the situation will become much worse as the downturn picks up pace. The longer people hold out at their current sale prices the more they will lose as demand dramatically drops when we enter a full blown depression. This is going to get ugly.

- James , london

Almost one in five HAS languished .... please.

- Marianne, SW France

Simple answer to this lower the price or remove your propert from the market and thin of it as a home and not a cash cow. This is the wake up call, property has been massivly overpriced and will fall at least another 15% this year maybe even 20%. About time to!

- Terence Harrington, Canterybury, UK

"Those who are realistic about the price are selling.."
It’s the estate agents who set the unrealistic price, and the owner who often uses the agent who sets the highest price, and the Bank that offers the most money, so all are culpable.
London has set the trend for the rest of the country in overblown house prices.
The average London wage is higher than the rest, so average property price really needs to be, say, 3x average London salary before things are back to reality.
Properties probably have another 40% to fall before a person on the average wage is comfortable with them.
It only takes a few seconds for the mind to accept that it’s property is worth 10% MORE, but it seems, many months to accept it is worth 30% LESS.

- Drius Midwinter, London UK

'After 17 months our house still hasn't sold' It won't either. It's too expensive - it just ain't worth it. Even at half the price it would still be dear. We are entering a deep recession/depression where you will be lucky to sell at any price.

- Charles, London

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