Increase in Marketing price reductions

A total of 85,104 properties on the market had their prices cut last month, according to the property search engine Home.

This was 15% more than in June last year.

The website, which takes its data from almost every estate agency website and portal in the UK, also reports that properties are now taking 113 days to sell – 13 days longer than a year ago.

Asking prices have started to show signs of coming down. They are 0.8% lower than a year ago, and 1.1% lower than six months ago.

The website predicts a further slide in asking prices over the rest of this year.