Home sellers cut asking prices on more than 3,000 properties a day on average in Britain during September, according to figures from Rightmove shared exclusively with the BBC.
The property website said the total was the highest of any month for 15 years and was driven, in part, by a glut of homes on the market and some sellers setting unrealistic expectations.
The proportion of listed homes that eventually had a price cut peaked in 2023 and has remained relatively high since.
Property portals say buyers are now having to be choosy, with many working to a tight budget as mortgage rates have risen to three-year highs.
"Once a home has been on the market for a while and then has a price reduction, some buyers start asking questions, even when there is nothing wrong with the property," said Colleen Babcock of Rightmove.