A substantial majority of agents say sellers are being unrealistic about the asking prices of their homes

This includes landlord sellers quitting the sector because of increased bureaucracy and costs.

Propertymark says 71 per cent of its estate agent members believe sellers have an over-inflated perception of the value and status of their home.

Liana Loporto-Browne, a recent president of Propertymark, says a four-bed terraced house in Greater London was with several other agencies before she was instructed to sell it.

The original asking price of the property was £1.15m and had been on the market for several months before Loporto-Browne reduced it to £950,000 and then quickly sold it for £925,000.

Nathan Emerson, Chief Executive of Propertymark, says in a message to landlord sellers and other vendors: “The largest shift we have seen in the sales market is prices agreed, compared to normal asking prices. 2022, started as a seller’s market, and ended the year back to normality as a buyer’s market.

“The best price is usually achieved in the first four to six weeks of marketing, so we urge sellers not to compare their property to other homes on the market which may not have sold yet, and ensure they receive valuations from a qualified and accredited estate agent.”

Via @LandlordToday