Home sellers are reducing their asking prices on about 3,000 properties each day, according to data shared with the BBC. The rate is higher than at any point in the past 15 years.
The figures indicate that price reductions have become a widespread feature of the property market, with thousands of listings being adjusted daily. A reduction in an asking price is a decision by a seller to lower the amount initially sought for a home.
The supplied data does not provide further details about the properties involved, the areas covered or the reasons behind the reductions. It also does not state how the current rate compares with specific earlier periods beyond identifying it as the highest in 15 years.
