Philip James, of Strutt & Parker, reports on a stand-off between sellers and buyers, with the former reluctant to cut prices and the latter unwilling to pay over the odds.

Sellers who are loath to cut prices, coupled with buyers unwilling to pay above what they understand to be market value are impacting on the market.

In these difficult times, sellers need to understand the economics and mentality of the property market better than ever. There are buyers in the market but they are increasingly discerning.

Reluctant to turn down new instructions some estate agents are taking on properties that then sit unsold until the sellers begin to cut their prices. The market will find trading difficult with high levels of unsold stock at unrealistic guide prices properties unless the balance redresses itself.

While vendors should be realistic and make adjustments, chasing a falling market without a plan or informed perspective does nothing but devalue the property. It may be that the best thing to do in case of a non-sale is to take the property off the market for a period - a good agent will tell you that, painful though it may be.

Most potential sellers have a sense of the current economic realities, although some insist that they are unique and can "buck the market".

While every house is indeed different, the same realities apply to everyone, and that can be a hard lesson to learn after a fruitless 18-month campaign, instead of before day one.

Of course if you are buying and selling in the same market, whatever hit you take on the price you sell for is likely to be reflected in what you end up paying for your new property thus balancing out. There are deals still to be done as long as the property is priced realistically and a property selling strategy and campaign is in place.