Asking prices fell 1.6 per cent between October and November as sellers tried to shift houses before Christmas.
Market intelligence agency Rightmove has recorded a £3,744 fall in average asking prices, from £230,184 to £226,440, representing the first drop in three months.
The agency is predicting three months of price falls, with recovery expected in February.
Buyers do not appear to be rushing to get deals through before the stamp duty holiday ends on 31 December.
This applies to homes that are valued at between £125,000 and £175,000. But the number of homes for sale in this price bracket has remained stable for the last three months, at around 24 per cent.
Miles Shipside, commercial director of Rightmove, said: ‘We may yet see a last-minute rush of transactions, but the balance of property availability in the exempt band remains virtually unchanged.
‘The incentive has been rendered almost irrelevant by lenders’ high deposit requirements. However, its withdrawal adds to the uncertainty surrounding the property market in 2010, which will also have to cope with the slowdown that an actively contested election always brings.’
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