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Zoopla, the property website, today reveals that 40% of their sellers have cut their asking price since initially listing with them.

This is the highest rate in nine months, they say.

The average reduction is £19,000 and goes a long way to supporting the eMoov view that the ‘reality gap’ between asking prices and achievable prices across the UK is a significant one. Sellers and their agents need to be more realistic and if not, houses simply won’t shift.

Buyers aren’t silly.