“So it’s understandable that sellers entering the market may be doing so with a little too much enthusiasm when it comes to pricing their home.
“The consequence? They’re finding that even in a sellers market, an overpriced home will always struggle to sell and the inevitable course of action required to secure a buyer is to lower their asking price expectations.
“What we’re also almost certainly seeing is the first signs of a cooling market, as the economic pressure of rising inflation and the increasing costs associated with mortgage rates, in particular, start to dent home buyer confidence and the sums they are willing to pay.”
Last month, it was reported that the price of homes coming to the market had risen once again for a sixth consecutive month.
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