Mr Hudson added there was a “stand-off” between buyers and sellers, which will not change until either mortgage lending conditions improve – making higher prices more affordable – or the number of people needing to sell increased further – which would lead to even lower prices.
Riz Malik, director at R3 Mortgages, said: “Rate cuts, although welcomed, won’t reinvigorate this market.” Not all agents and broker are as negative, with some reporting they are busier in the past month. Others have said that although sales have been lower than expected, they are confident the market will improve soon.
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