Head of Savills in the east Mike Shaw points out that the firm's broad-based business in the region has proved to be "resilient" in difficult trading conditions.

He said: "We have continued to invest in other key sectors, such as planning, commercial and development advice and corporate real estate services, ensuring that we offer comprehensive advice to all of our clients, at the same time as maintaining our profitability."

As the company reported its interim results, he added: "We have seen a sharp and unprecedented drop in the second-hand residential market, which has resulted in serious challenges.

"Things may well deteriorate further but the worst will probably be over by autumn 2009. It will take some time for the market to realise this.

"While we expect trade to improve next year, the big question remains how long it will be before prices begin to rise again generally."

Housebuilders have also been hit hard by the credit crunch with a direct impact on new homes sales. However, it has become clear that there are opportunities for those looking for them.

Meanwhile, one sector vigorously bucking the trend is agriculture, which has continued to perform well. Buoyed by much improved arable farm profitability, land prices have remained strong following their recent surge with values largely between £5,000 and £7,000 per acre.

Nationally, Savills, reported a 41 per cent drop in underlying profits to £19.2 million.

In the residential market, it said home buying had fallen by about 45 per cent in the past year in London and country property was following suit.

Final call for national awards

The Business Commitment to the Environment (BCE) Environmental Leadership Awards are making a final call for 2009 applications.

As the competition closes on October 3, businesses are urged to take advantage of this unique opportunity which can provide market differentiation, increased brand awareness and improved staff morale – all essential tools for businesses operating within competitive markets.

Entry to the awards is free to any UK business that pays corporation tax.

Applicants are required to complete a simple application form, which is available on the website www.bceawards.org Short-listed businesses will receive a site visit from a member of the BCE panel.