Asking prices tumble too

Meanwhile homeowners desperate to attract buyers have cut asking prices by an average of nearly £17,000 during the past fortnight. Experts say that the cuts indicate a realisation that the housing market is in a dire straight and reverses recent reported increases in prices by owners trying to offset discounts demanded by buyers. In some parts of London, homeowners have dropped asking prices by more than £100,000 according to Globrix’s research.