Data released to the BBC indicates that sellers are reducing asking prices on around 3,000 properties every day, a pace that industry records show is the fastest in 15 years.
Asking prices — the figures sellers first set when a property goes on the market — are often watched as an early signal of shifts in the housing market because they reflect sellers' expectations before sales are agreed.
The pattern of widespread price reductions suggests that many sellers are adjusting their expectations, though the data itself does not specify the reasons for the changes or how quickly they are translating into agreed sales. Market participants typically view large-scale asking price cuts as an indicator of a softer market and increased negotiation room for buyers.
The figures shared with the BBC will be monitored by buyers, sellers and market analysts as they assess the outlook for housing activity and prices. Further detail from the full data set was not included in the summary provided to the BBC.