An overly optimistic increase in property asking prices this month has left estate agents with a glut of unsold homes on their books, according to property website Rightmove.
The companys latest property market survey revealed that sellers increased their asking prices for the fourth consecutive month, this time by an average of more than £4,000 (1.7 per cent).
The April increase took the average price of property on the market in England and Wales to £235,822 6 per cent or £13,400 higher than at the end of 2010.
However, Rightmove warned that buyers are refusing to meet sellers high asking prices and that the mismatch between supply and demand has led to the biggest rise in unsold stock since May 2007, from 70 last month to an average of 74 properties per estate agency branch.
"With buyers still struggling to raise the necessary finance, the net result has been the biggest jump in unsold stock on agents' books that we have recorded in nearly four years," commented Rightmove director Miles Shipside.
"With Government cuts starting to bite and interest rate rises still expected in the second half of the year, those who are serious about selling should look to price more keenly in the spring selling season."