Supply hit its highest level for October in seven years as discounting remains prevalent.

Figures from property website Home.co.uk showed supply was up 14% annually in October, the highest level for the month since 2011.

The biggest surges in supply were in the south west of England and West Midlands, up 24% and 21% respectively.

Meanwhile, 80,291 properties had their asking prices reduced last month, Home.co.uk’s analysis showed.

Time on the market has also increased over the past year by five days to 94.

The higher level of supply has pushed average asking prices down 0.3% on a monthly basis to £308,524.

London, the east and south east of England were all blamed for dragging growth back, with each of these regions registering both monthly and annual falls in asking prices.

The annualised rate was at 3% this time last year, but now asking prices are up just 0.6% annually

Doug Shephard, director at Home.co.uk, said: “The sun sets once again on the UK property market.

“Supply is soaring, especially where pricing is weakest. Time on market is rising. The national year-on-year price growth figure looks set to go into the red and we’ve only had one tiny rise in interest rates.

“Some good news for buyers, perhaps, for those who have kept their powder dry. Plenty of choice, but how many such ‘cash buyers’ are waiting in the wings to snap up a bargain? I would suspect not many.

“So for most home owners, moving house will be more difficult in the current climate. Securing a mortgage approval is trickier. Securing a buyer takes longer and getting them to commit while prices are still sliding is a devil of a job.

“Hence the fall-through rate soars under such market conditions and agents and vendors alike begin to tear their hair out. Property auctions look well placed to profit from the growing malaise enshrouding the UK housing market.”