Mr Hudson added there was a “stand off” between buyers and sellers, which won’t 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 though sales have been lower than expected, they are confident the market would improve soon.
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