Homeowners desperate to sell their properties are slashing thousands of pounds off asking prices.
Nationally, the average reduction in asking prices stood at £24,947 or 8.42 per cent earlier this month, according to property website Zoopla.
But the deepest discounts can be found in the self-governing British crown dependency of the Isle of Man, where sellers have cut asking prices by an average of £41,212 or 8.36 per cent.
Slashing prices: Homeowners desperate to sell their properties are slashing thousands of pounds off asking prices
Back in the UK mainland, buyers can snap up a bargain in locations like Bradford, Doncaster, Blackburn and Hull, where prices are being slashed by 8.01 per cent, 7.19 per cent, 7.06 per cent and 6.95 per cent respectively.
At the other end of the spectrum, homes for sale in Enfield, Horsham and Aylesbury are seeing smaller reductions of around five per cent.
In London, where prices are suffering a slowdown, asking prices are being reduced by an average of £62,581 or 6.6 per cent.
London’s average property price is £472,000 and around 34 per cent of properties in the city are now on sale at a reduced price, Zoopla’s latest figures show.
In the London borough of Kensington and Chelsea, where properties often cost millions of pounds, average reductions are hovering around the 7.86 per cent mark, which equates to £113,491.
Out of all of London’s boroughs, Barking and Dagenham has seen the lowest reductions, with 5.05 per cent or £18,426 trimmed off asking prices.
Biggest reductions: In the Isle of Man, over £40,000 is being slashed off some asking prices
Biggest reductions: Top 10 areas with the biggest asking price reductions
In terms of the sheer number of properties on the market being reduced, Twickenham leads the pack, with over 41 per cent of homes up for sale at a reduction. This is followed by Mitcham and South Croydon.
At the other end of the scale, asking prices in Glasgow, Manchester and Coventry are holding firm, with just 17.27, 22.82 and 25.93 per cent of homes up for sale currently being offered at a reduced price.
Lawrence Hall, a spokesman for Zoopla, said: ‘At present, nearly a third of properties on the market have been reduced in asking price, with some average discounts eclipsing eight per cent.
‘This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder.
‘Those seeking bargains could consider areas such as Bradford, Doncaster and Blackburn in particular, or Twickenham if you’re looking to live closer to the capital.’
Grab a bargain: In Bradford, properties on the market are being reduced by just over 8 per cent
On Thursday, data from the Office for Statistics revealed that property prices across the UK increased by 4.4 per cent in the year to February, bringing the average up to £225,000.
This is £9,000 higher than a year earlier. Month-on-month, prices fell by 0.1 per cent.
The lowest annual growth was in London, where prices fell by 1 per cent over the year. This is the lowest annual growth seen in the capital since September 2009, when it was -3.2 per cent.
Cheap mortgage deals may have been propping up the housing market for years, but these are fast coming to an end. Ahead of next month’s predicted rise in interest rates, lenders have been axing the best deals for the last few months.
How many are being reduced? Top 10 areas with the highest proportion of asking price reductions