Estate agents are overpricing properties, according to property website Rightmove.

Asking prices for UK homes have risen by 2.3% in recent weeks, even though a record 132,000 properties joined a large existing supply on the market. If this trend continues, long-term market stagnation may set in, said Rightmove

The website added that the average number of properties on estate agents books remains historically high at 63, against 48 at the same time last year, with the average home staying on the market for 85 days.

Further evidence of a slowdown could be seen in the fact that it was now taking an average of 25 to 30 viewings before a house is sold in many areas, compared to just 10 in early 2004.