Penthouses.com: The Weblog

More than one million homes are for sale in England and Wales for the first time since records began, research claims today.

The landmark is a sign of the panic among homeowners desperate to sell their properties before prices fall even further.

Others are selling in order to grab a bargain by getting a newly-built home for a massive discount. The report, from the property website Rightmove, says the average asking price slumped by £3,000 - or 1.2% - between May 11 and June 14.

The price slump is even more dramatic in some parts of the country, with prices in the West London borough of Hounslow falling by nearly £20,000.

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