Rightmove has witnessed the biggest monthly jump in agents’ unsold stock since May 2007, up from 70 to 74 properties per branch.

It says the decisions of new sellers to increase asking prices by an average of 1.7% (£4,031) this month look to be over-optimistic. The firm says this is a “clear indication”” that the number of properties available to buy is not being matched by the number of buyers able to proceed.