Zoopla says 38 per cent of properties on sale have had their asking prices slashed.
That’s a five per cent rise since the portal’s last assessment made in April.
The average cut is 8.5 per cent, equivalent to £26,131.
Zoopla spokesman Lawrence Hall says the shock figures“should be welcome news for prospective first-time buyers looking to get a foot on the property ladder” - although he predicted “further market uncertainty ahead.”
Predictably, the situation was starkest in London where 39.5 per cent of property listings have been reduced in price.
The highest proportion of asking price reductions in the capital was seen in Mitcham - 45 per cent - but the most eye-watering figure produced by the portal was the average drop in the asking prices of home on sale in Kensington and Chelsea, where the average reduction is £127,394.
Things were almost as bad in Westminster where a typical £126,056 has been lopped off asking prices.
Outside London, Brighton had the highest proportion of prices reduced (46 per cent), while Glasgow and Manchester were at the other end of the list with only 19 per cent and 26 per cent respectively.