Homeowners desperate to sell their property are marking down the price by an average £24,947 from the original asking price.
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In the first quarter of 2018 housing wealth accessed using equity release has doubled in only two years with nearly £10 million a day.
Official statistics confirms the first fall in London’s annual house price growth of -1.0% since September 2009, the lowest in the country.
Over the past two years house price growth has exceeded earnings for a fifth of homeowners by as much as £52,000 in some areas.
London is the worst performing region down 1% for the year while house price grow across the country is subdued.
Annual house price growth in London is only one percent with property values falling in 42% of postcodes in the capital.
Half of the regions in the country have posted falls in house prices for the month with the North East reducing -5.5% over the month.
Second time buyers find it more difficult to move home than a decade ago with higher deposits, moving costs and lack of suitable housing.
Mortgages in the UK are at their most affordable level with homeowners spending less than a third of their income on repayments.
Homeowners remortgaging has reached the highest number since 2008 as they securing mortgage deals before a rise in interest rates.