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More owners cut asking prices

  Asking prices for properties on the market have continued their downward trajectory for the fourth successive month.

Property search engine Home, which has data on virtually every single property for sale in England and Wales, said that last month prices were down 0.3%, and prices were cut on 65,692 homes.

Typical time on the market remained at 148 days.

The number of properties new to the market in January was 14% higher than in January 2010.

According to Home’s calculations, fewer than 4,000 properties are changing hands each day, compared with over 10,000 in August 2007.

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