Buyers, according to Rightmove, have either been distracted by the Olympics or away on their summer holidays. Basically, already weak demand has been weaker than ever over the past month or two.

On some properties, you can all but name your price if you have cash in the bank or a mortgage agreed — such is the desperation of sellers.

The question now is whether asking prices will start to rise again come the autumn? Many believe yes, but my personal feeling is no. Yes, the Olympics subdued the market even further, and yes, summer is always a quiet time, but more fundamentally the property market is operating against a pretty extraordinary economic backdrop.

The Eurozone economy is still in negative territory, our own is arguably in an even worse position and the banks still aren't prepared to lend to anyone slightly higher up the risk scale.

Talk of increased lending, aka the Funding for Lending scheme, is all well and good but if that money doesn't go to the people who need it — those requiring higher LTVs — then it's hard to see how the property market can rebound from its current position.

For the property market to rebound, people need to be able to buy. And if they can't get a loan, they can't.

I expect property prices to continue to bump around at their current uninspired levels for the rest of the year. Only sought-after properties in sought-after areas will be able to command a decent price.

All the cards are in the hands of the buyer. Sellers beware.