By Ronald Loh | September 1, 2013 – 11:59pm | The New Paper

Following the major changes introduced by the Government last Tuesday in a bid to stabilise the property market here, sellers are reducing their asking cash over valuation (COV).

Some sellers are panicking, five property agents said.

Agents specialising in HDB flats said they have seen COVs plummet by up to $60,000 over the past few months and they expect the numbers to dip some more.

Property agent Raymond Eu said some sellers are so desperate for “whatever they can get” that they are even agreeing to sell their flats at zero COV.