Asking prices 'continue to fall'

The average asking price of a home fell again in November to £229,979, according to Rightmove.

This figure is down 7.1 per cent year on year and is down 2.9 per cent on the previous month.

Rightmove has claimed some estate agents are selling properties at around 20 per cent below peak prices.

Miles Shipside, commercial director of the site, said: "Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up."

Mr Shipside is advising sellers to price their properties at a huge discount if they want a quick sale. While average asking prices have slipped by 7.1 per cent over the past 12 month, he is advising sellers to consider at least double that discount to achieve a sale.

Meanwhile, anyone who is considering a self build project could pick up a cheap plot at a huge discount if the owner is desperate for a quick sale.