As the property market begins to cool, around one in 10 home sellers are reducing their asking prices within 30 days of entering the market, according to a recent study by property purchasing specialist, House Buyer Bureau.
The research analysed the level of property for sale stock to have reached the market in the last 30 days and found that over 85,000 homes have been listed for sale over the last month across the property market in England.
Of these new homes, 7.3% of all home sellers, or 6,215 homes, had already reduced their asking price in order to attract a buyer.
The East of England, South East, and London are among the regions with the largest levels of properties reducing their price within a month of entering the market.
Despite the price reductions, just 5.7% of all homes to have seen a price reduction are under offer or sold subject to contract.
The research found that the best course of action for sellers is to price their homes appropriately in line with current market conditions when first entering the market, rather than reducing the asking price after listing.
