A total of 87,511 asking prices in September were slashed by an average of £15,968, according to the property website Home.
Both the number of reductions and the size of the discount were larger than in August, and the reduction is the greatest since last November.
The site, which lists property from virtually every property website and portal in the UK, said that typical time on the market is now 121 days – 12 days longer than a year ago. In some areas, time on market is much longer – for example, it is now 154 days in Yorkshire and Humber, which is 28 days longer than in October 2010.
Home reports that the supply of new properties to the market stood at 115,739 – 1.4% less than for September last year.
According to Home, asking prices this month are now 6.4% lower than in October 2007. It calculates that, allowing for inflations, asking prices have fallen in real terms by 25% since the start of the credit crunch.
However, the site points out that some places are still enjoying ‘vigorous’ house markets, notably parts of London and some university towns.
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