The prices of UK homes for sale have now been falling for more than a year, according to a poll by a leading estate agency.
Chesterton said its ‘Poll of Polls’ survey had shown the average price of a residential home in England and Wales had dropped to £184,333.
The firm added the new figures meant prices have now been falling for 13 months in a row, with prices now sliding across all regions.
Bigger cuts are being seen in the South, with prices dropping by one per cent in London and the South West last month.
The survey was produced by the Centre for Economics and Business Research (CEBR) on behalf of Chesterton.
Douglas McWilliams, CEBR chief executive, said:
“Interestingly, the falls in house prices are occurring at the top end of the market as well – cautious lending from financial institutions is having an impact across the board.”
Robert Bartlett, chief executive of Chesterton, said some well-placed property investment professionals were cashing in on the reductions.
He said cash rich buyers “will be taking full advantage”, adding his firm had seen five cash sales in the prime area of Kensington, London, last month.