Homeowners desperate to attract buyers have cut asking prices by an average of nearly £17,000 over the past fortnight, figures suggest.

Experts said that the cuts could indicate a dawning appreciation among homeowners that the housing market is in a dire state, prompting them to reduce their prices in the hope of securing a sale. House prices have fallen by more than 15% since their peak in August last year, according to Halifax, and some experts say they could fall by a total of 35%.

Recent reports suggested that sellers were refusing to budge, with some increasing their asking prices to offset discounts being demanded by bargain-hunting buyers. However, this trend has reversed, with some homeowners in the wealthiest parts of London cutting their asking prices by more than £100,000, according to Globrix, the property website.

The Times