The asking prices attached to homes for sale across the UK have been slashed by £500 million over the last three months.
As owners become concerned about further price slumps and increasingly keen to move before Christmas, they have been knocking an average £15,879 off the original asking price of their properties.
The figures from Zoopla.co.uk also show that the highest asking price reductions have been in the North, with price reductions averaging 7.15 per cent in Manchester. London homeowners have slashed 5.2 per cent off their asking prices.
More than 26 per cent more properties with original asking prices of over £1 million have had their prices slashed over the last three months, up from 22.5 per cent in August, to 28.4 per cent this month. Homeowners with million pound properties are cutting prices by an average of eight per cent.
Nicholas Leeming, Commercial Director of Zoopla.co.uk, said, "For the past few months, asking prices have been somewhat out of kilter with what buyers are prepared or can afford to pay, but sellers are becoming increasingly realistic.
"The traditional New Year influx of properties coming to the market for sale will mean even more competition among sellers and many are keen to try to secure a buyer this side of Christmas and are lowering their expectations accordingly. As a result, now is a great time for buyers to try to land a bargain," he added.
