Since January I have been checking house prices in my area on Rightmove and saving the results weekly (I do have a life really!)
There has been very few property sales going through, but also little in the way of price reductions.
In the last 2 weeks I have been getting a notification from Rightmove through almost every other day with a 'new' property listing. This is in fact not a new listing but an existing property relisted with a lower price.
Recently these relisted properties have been coming on with larger and larger reductions. Most with 5% reductions, a lot with 10% plus reductions.
Some data coming through is indicating a few offers being accepted at around 20% under the original asking price.
This should make for some interesting data from Halifax and Nationwide over the next few weeks.