Property website Rightmove has criticised property vendors for asking too much for their homes and causing the market to become stagnant.

Speaking to the Daily Mail, Rightmove’s commercial director Miles Shipside said: “The plain fact is that sellers are being greedy in the context of current market conditions. Asking prices still aren’t reflecting the fact we have been in a buyers’ market for the past nine months.”

This was confirmed by Essex estate agent Paul Robinson. “Property that is fairly priced is still shifting well,” he said. “However, property that is pitched at the excessive level of a year or so ago simply will not move.

“Sellers must take that fact on board if they are serious about moving.”