Thousands more properties have their asking prices cut

More properties on the market had their prices slashed last month, bringing annual asking prices to just below – by 0.2% – what they were in July 2009.

The number of properties reduced in price was 92,000 – a big rise from the 74,000 in June. The July figure equates to around 13% of all properties on the market, and the average price cut was £14,057.

Monthly asking price falls were in six out of nine regions in England and Wales, with prices in East Anglia holding up best – up by 2.5% over the last six months. The area where asking prices have fallen most is the North-West.

The data comes from Home, which tracks the leading property portals. The site said a ‘discount culture’ was developing in the housing market.

While it pointed out that in view of the “remarkable surge in supply over recent months, home asking prices have held up well overall in the UK”, it cautioned that house prices still look over-priced relative to average incomes.

Average time on the market is 186 days.

*Asking prices have fallen this month by 0.7%, according to FindaProperty.



But the average asking price of £218,610 of properties on its books still looks optimistic compared with average Land Registry figures.

Stock levels rose for the seventh consecutive month on the site as more sellers test the market, unconstrained from having to produce a HIP first.

There is now 53% more property on the market than in January.

 Asking prices on Rightmove also slipped back in July.