People selling their homes have cut the asking price by an average of more than £4,300 in the past month to catch the eye of a dwindling number of buyers, according to a report published today.

The latest monthly survey from the property website Rightmove says the number of unsold properties has reached record levels as the market grinds to a halt. The report says the average asking price in England and Wales has dropped to £235,219, down from £239,564 in June. That was the second monthly fall in succession after a drop of £3,000 in June.

The Times, Daily Telegraph