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People selling their homes are now asking for an average of £5,403 less for their homes than they were one month ago, according to the Times.
Recent new property listings on the site stood at 106,000, a drop of around 25 per cent that would be typically expected at this time of year.
Jeremy Leaf, an estate agent based in north London, commented: "Mortgages are not getting easier but they are getting cheaper and criteria is softening for some groups, such as those with substantial deposits."
According to Bloomberg, the prospect of a rival website starting has also contributed to shares in Rightmove falling to their lowest since 2006.
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