The price of taxi licence plates in NSW has crashed by almost a quarter in the past month amid speculation the Baird government will legalise ride-sharing services such as UberX.

The transfer value of a taxi licence in the state dropped to $228,500 in November, down from an average price of $302,666 a month earlier, the latest government figures show.

While the value of plates has been falling since reaching a high of about $425,000 in late 2011 – due partly to the issuing of more licences – the decline has accelerated over the past year as Uber extended its reach into the market.

Since November last year, the value of taxi plates has fallen by 38 per cent and is now at its lowest level since January 2002.