House sellers are accepting large cuts in the asking price of their properties in order to push through sales as economic conditions continue to worsen, according to the RICS.
Houses are selling at an average of 9% below their asking price across the UK, with sellers in some regions being forced to knock off as much as 12.5% from the advertised price in order to sell.
For most homeowners this means they are having to write off tens of thousands of pounds to sell properties even as prices fall further around the country.
Robert Bartlett, the chief executive of upmarket estate agent chain Chesterton, said many sellers were now willing to consider deals after sentiment took a further knock from the events of the past few weeks, including the collapse of Lehman Brothers.
He said: 'The last few weeks have seen some reality return to the market. People are now accepting offers as they see the market is likely to go down further.'