Asking prices of the UK's most expensive homes are being slashed as sellers become increasingly desperate to sell them, new data has revealed.
Homes worth more than £2m have had their prices cut by an average of £296,278, an average discount of 10 per cent, while those worth between £1.75m and £2m have had their prices cut by £225,775, or 12 per cent.
The research, by EstateAgent4Me, found homes priced between £1.5m and £1.75m have been cut by nine per cent, an average of £142,219, while those in both the £1m to £1.25m and £1.25m and £1.5m brackets have had seven per cent knocked off - equating to £77,716 and £92,970 respectively.
Meanwhile, at the bottom end of the market, discounts average between four and six per cent, with homes priced at under £100,000 selling at an average of £5,030 less than their original asking price, while those priced between £175,000 and £200,000 tend to have £7,741 knocked off.
Housing market slows down
The UK's weakening housing market was highlighted by figures published earlier this week by Halifax, which showed house prices had fallen by 0.2 per cent in the past three months, the fourth quarterly fall in a row.
Last week figures suggested one in five high street estate agents are at risk of going out of business as the sluggish housing market takes its toll.
Property sales have fallen 32 per cent from their pre-crisis peak, to just 1.2m last year: figures from the Royal Institution of Chartered Surveyors have shown the number of homes being put on the market has fallen for four months in a row.