The number of listings that were reduced from January to March increased by an average of 102.5% compared with the same period in 2022, new research shows.
Data from proptech firm Street.co.uk shows 15.8% of the properties reduced during this period also changed their price more than once.
This is another increase on 2022’s figures, where only 12.3% of reduced properties decreased in price more than once.
Further data gathered by Street Group shows that agents who are reducing property prices are not necessarily being successful with sales.
Heather Staff, co-founder at Street Insights, said: “With so many properties being over-valued in today’s market, it is imperative for agents to combine expert industry knowledge with reliable market data. It’s no secret that pricing right is key to a successful sale and never more so than in the current market.
“We are very proud to offer Street Insights on a free-for-life plan, providing information on 32, properties in the UK. Fully white-labelled, the reports generated through Insights are a unique tool which gives agents the upper hand when approaching potential clients and on valuations.”