According to new statistic released by the website Rightmove, homeowners dropped their asking price by an average of £3,797 which equates to 1.6% in the past month.

However the number of unsold homes on the market hit a record high this year as 70% of homes have failed to sell.

“Many equity-poor aspiring sellers will be trapped in their current homes, either unable to come to market or stuck on the market and unable to reduce to a price that will attract buyer interest,” explained Miles Shipside of Rightmove.