Panic sets in for homeowners as homes for sales reaches record one million

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by Kay Murchie

According to property website, Rightmove, over one million homes are currently on the market in England and Wales.

Rightmove said around 172,000 homes were put up for sale during the period May 11 to June 14, pushing the total number on sale above one million for the first time since records began.

The figure reflects the panic among homeowners desperate to sell their homes before values slide even further.

Many others are selling in a bid to bag a bargain as newly-built homes are being discounted. Rightmove said the average asking price fell by £3,000 between the 5-week period.

Some parts of the country are experiencing more significant falls with values in the West London borough of Hounslow falling by almost £20,000.

Estate agents have record numbers of unsold homes on their books with an average of 75 homes for sale at each branch.

It is estimated that there are approximately 15 properties for sale for every buyer.