Over-valuing of properties for sale appears to be widespread, with the number of homes on the market reduced in price last month at a high.

Prices of 66,445 homes were reduced, with an average price cut of £14,700.

According to the property portal Home, which tracks data on asking prices for properties new to the market as well as prices for properties already for sale, sellers are reducing prices out of nervousness ahead of the emergency Budget, and frustration.

Buyers are in short supply, says the site, and the time to sell a home now stands at 94 days.

Although asking prices increased by 0.3% in May, there were monthly falls in six out of nine regions in England and Wales.

The average asking price for a property in England and Wales is now £229,606 – an amazing £69,000 ahead of the actual average selling price quoted by Halifax – and showing a huge disconnection between sellers’ aspirations and what they actually get.