The house price boom is back – here’s how to beat it

Anesha Beveridge, of Hamptons Estate Agents, said: “Regions that have been very strong performers are now slowing down rapidly.”

When Rosie Wood, 29, and her husband started looking for their home earlier this year, they were often advised by estate agents to make an asking price.

“We were looking at houses around the £325,000 mark and were told the sellers were asking £330,000 or £340,000 – £15,000,” Ms Wood said.

“I think they want a bidding war, but it’s not happening in London,” she said. Instead, Woods negotiated a £6,250 discount.

The couple went on the hunt for their home after their husband decided to sell it – and fell short on the asking price. “He listed the property for £575,000 and it sold for £525,000,” Ms Woods said – a discount of almost 9pc.

After years of starvation, the supply is increasing. Roger Punch, of Marketing Petty Estate Agents in South Devon, said: “It looks like we’re seeing about double the number of properties coming to market this month than we expect this year. It is very rare in August. Normally we would expect to see it in September, but this started in July.

Mr. Punch said sellers may be calling the top of the market. “The question mark over the economy is that confidence is waning. We’re seeing far fewer quick inquiries when we list property, and the market isn’t moving as fast. Guide prices are starting to adjust.”

Geoffrey Hazell, of Geoffrey Collings and Common Property Agents in Norfolk, said: “Demand is still strong but buyers are now negotiating more.”

Mark Annett, of Mark Annett & Company property agents in the Cotswolds, said sellers who thought prices could continue to rise appear to have hit a ceiling. “There are signs of price gouging when sellers are asking more than the market will bear.”

The North East and South East had the highest number of properties with 7.2pc and 7.1pc of sale price reductions of 5pc or more.

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