Sellers warned ‘don’t ask too much’ as almost half of properties fail to sell

David Fell, lead analyst at Hamptons, said: “The chance of selling a home tends to depend on what’s being sold, when it came onto the market, and where it is in the country.

“In the aftermath of the pandemic, many sellers were virtually able to name their price, but higher interest rates have turned the chance of selling into a coin toss in many markets today.

“Much higher mortgage rates mean house price growth is no longer a one-way bet in some southern markets.

“Sellers who bought close to the top of the market are typically loss-averse and look to get back at least what they paid.

“If buyers aren’t willing to meet their price expectations today, sellers are likely to withdraw, sit tight, and try again in a few years’ time.

“It’s been a similar story for many flat owners who have struggled to find buyers who agree on the valuation of their home.

“While for expensive homes in prime neighbourhoods, the pool of buyers can be very small, and even in strong markets, it can take sellers a few attempts to sell.”