A firm of estate agents says it is fighting back against the housing market slow-down by offering a new incentive for customers.

Bedfordshire estate agents Urban & Rural, which has its head office in Toddington and branches around Luton, started offering the £500 cashback deal to buyers four weeks ago.

The firm says it is upping its game to ride out the housing market slow-down, and has so far applied the incentive to about 40 per cent of the properties on its books.

Across the UK, house prices fell by just under one per cent in June, and the Nationwide building society says house purchases remain "subdued", with prices 6.3 per cent lower than this time last year.

However, prices are still four per cent higher than two years ago, and Urban & Rural director Craig Reynolds says he is confident his firm will weather the storm.

He said: "If you look back to 1974, we've had two recessions since then and property is still the safest investment. I think this is a necessary correction which had to take place.

"Our offer is to tempt buyers out of the woodwork, it's our way of ensuring that buyers are entering the market. It's a positive move that we're making to assist buyers - that £500 could pay their legal fees."

Urban & Rural