"Over-valuing of properties for sale appears to be widespread, with the number of homes on the market reduced in price last month at a high", reported Estate Agent Today magazine.

Prices of 66,445 homes were reduced, with an average price cut of £14,700.

According to the property portal Home, which tracks data on asking prices for properties new to the market as well as prices for properties already for sale, sellers are reducing prices out of nervousness, ahead of the emergency Budget, and frustration.

Phil Wardle of GO Property says that vendors usually have a higher expectation of what their property will fetch, which can be unrealistic. There are plenty of buyers out there at the moment and those who market their property at a realistic figure from the outset often sell and in a relatively short time period.

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