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Property supply issues force buyers to rush

"This, in turn, is driving up levels of viewings on what is available to purchase and forcing some eager buyers into making a rash decision.

"We have seen false optimism on the state of the market from a number of sellers, and as a result, over confidence where some sellers are demanding higher than market value prices – in some cases, we have seen very strong prices being achieved for very average property.

"It is a market in which patience is the key. We will see the return of better quality property to the open market and those who rushed in ill advisedly will probably regret their decision to choose from the current fairly secondary list.

"For some time yet, property will simply not be as liquid an asset as it was seen to be in a rising market, and with all the associated costs of purchasing property today, certain buyers will find they are not in a position to sell secondary property to recoup their investment for quite some time.

"As such, we are advising our clients to consider their purchases very carefully. If a sensible, well advised bid is not accepted, then walk away, rather than risk paying over the odds, particularly if they are buying for the short term."

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