Home sellers cannot expect a ‘golden offer’ on their property and must readjust their expectations as prices fall, property experts have warned.
The warning follows the 14th consecutive rise in interest rates that has pushed mortgages out of reach for many.
It means asking prices may need to be reduced in order to secure a committed buyer.
Average house prices have dropped from £293,992 last August to £285,044, according to Halifax
North London estate agent Jeremy Leaf, explained: ‘A growing