THE price of hundreds of homes on the market in Devon will be slashed this week in a three-day selling frenzy.

In some cases, vendors have been persuaded to drop their asking prices by up to £50,000 in a bid to sell their properties.

Estate agents belonging to the Countrywide group are taking part in a nationwide end-of-year property sale. The three-day event starts off on Thursday.

In Devon, Fulfords, Stratton Creber and Miller Countrywide are promising many of the homes on their books will be heavily discounted.

Examples of the temporary cuts in asking prices from those selling their homes with Fulfords include a detached 1920s house in a third of an acre in Seaton which will see its price tag slashed by £50,000 to £299,950.

The cost of a detached four-bedroom bungalow in Beer will drop by £30,000 to £299,950, while an eight-bedroom, detached Edwardian house in Exmouth is being reduced from £625,000 to £575,000.

Fulfords managing director Ian Fraser said: "We are getting some massive reductions. It's very unusual for people to drop their prices like this.

"We have asked vendors the searching question: how important is it to you to try to achieve a sale before the end of the year? Obviously those people on this list are motivated to do that.

"It's just a fantastic opportunity at the moment when things are tight to pick up an absolute bargain. We anticipate doing a lot of business during the three days."

So far, more than 300 sellers with Fulfords have agreed to drop their prices. All the properties have been on the market for at least a month, and some for up to a year.

Sue Vincent, manager at Stratton Creber in Exeter, said vendors had until today to confirm the discounts they were prepared to offer.

"We are working with those keen vendors who are motivated movers and asking: 'What's your rock bottom price'?" she said.

"We have had some massive reductions, while others will be smaller because they have already reduced their prices once or twice to keep them competitive.

"There are some desperate people out there who need to sell and I think a lot of people are getting more realistic.

"There are also people out there who want to buy but are waiting until next month to see what happens. This may spur those people on."

The sale comes after the Royal Institution of Chartered Surveyors' latest UK housing market survey showed house sales in the South West remained static in October compared to the previous month, while nationally transaction levels fell further.

On the outlook for the market, Mr Fraser said: "There are optimistic signs, with interest rates making downward progress and a lot of pressure being applied to lenders to be sensitive to people who are experiencing difficulty in paying their mortgages.

"I think loans will become easier to obtain as we move through next year."