The majority of homeowners who have put their homes up for sale in 2011 are still without a buyer, according to Rightmove.co.uk.
The property website reveals that 70% of homeowners have failed to secure a sale.
As a result of the stagnant market, asking prices are being lowered by £3,797 on average.
Miles Shipside, director of Rightmove, says sellers tend to be more cautious in the summer months, explaining the lowered asking prices:
"Summer sellers are more nervous about their selling prospects than the early birds who asked ever higher prices during the first six months of this year.
"Early sellers in 2011 had a chance of worming their way into the more active spring market, whereas those coming to market now at the onset of the holiday season have to price more aggressively as many buyers have already gone to ground."
In addition, the number of new sellers this month has dropped by 12% on figures for July 2010. Shipside cites a combination of factors contributing towards this fall, such as reduced buyer confidence - which also explains the £4,000 drop in asking prices, and sellers' inability to raise sufficient deposits on potential new homes.
"Many equity-poor aspiring sellers will be trapped in their current homes, either unable to come to market or stuck on the market and unable to reduce to a price that will attract buyer interest.
"Those that are equity-rich have an opportunity to increase their chances of success by launching to the market at a price below their over-priced and stale competition," adds Shipside.
Findings also show that the highest level of interest in properties is in the first week, so as Shipside says, "first impressions count".
How to up your chances of a sell
Follow Rightmove's three Ps to maximise your chances of selling your property:
The first thing potential buyers will see is the front of your house, so make sure it looks neat and tidy - from mown lawns to fresh paintwork and neat flowerbeds. Once inside try and keep clutter to a minimum. The better your home appears, the better value your asking price will look.
Don't be overoptimistic with the pricing of your property as you will only put buyers off. It's best to get a few valuations of your home's worth so that you can come up with a realistic price.
Don't leave everything to your agent. It will have plenty of homes to sell so the only way to make yours a priority is to chase up your estate agent: ask how many viewings it has on the books, look online or in the shop to see where your home is listed - and see if there's any way of bumping it up the listings.