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I suppose the question is what happens to the relative quality of the stock coming onto the market.
My feeling is that it declines in markets like this, as you only have the more distressed sellers (cashflow insolvent BTL-ers, probate, some unliveable blight)? If you believe that then you have to adjust your offer to take into account the higher risk of getting a lemon.
NickCJ
The best thing about buying in this market, is not the reduced prices but the ability to take your time and buy something you actually want rather than just whatever you can get your hands on. You can maybe even have the luxury of viewing twice before committing. Maybe.
Don’t stress about getting 5 or 10 or 15% off whatever the last one made, you might, you might not. Take your time, get one on the right street with the garden facing the right way, no subsidence, no stabby neighbours. All the good stuff.