Over one third of properties on the market reduced their asking price since first listing, according to the latest Rightmove Property Index.
The index found that 37 per cent of properties were reduced in price from their initial amount, the highest number since 2012.
Rightmove says there was a typical reduction of 0.8 per cent or £2,392 in price in property asking price.
Mortgage Advice Bureau head of lending Brian Murphy says: “The report released by Rightmove today provides analysis on asking prices, rather than completed transactions, therefore providing us with a snapshot of current market sentiment. The data suggests that asking prices have cooled slightly in November, potentially as a result of optimistic pricing earlier in the year.
“That said, asking prices have still risen year on year, with the highest increase seen on ‘second stepper’ properties, which are normally categorised as three bedroom, family homes. The chronic shortage of this type of property in many areas is probably what’s leading to the sustained increase on this particular sector of the market, as buyers of these properties are moving because they need to, rather than it being a discretionary decision.”