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Homeowners selling at a discount have to save an average of 4 units or £14,000, according to Zoopla.

The real estate site tracks the first asking price and the agreed selling price for sales, noting that many sellers are still facing significant drops if demand slacks.

Buyer interest is down 43 percent from a year ago, according to Zoopla, as higher interest rates cool the market.

The drop in interest has left more stocks on the market, with real estate agents listing an average of 25 properties, down from 14 a year ago.

Despite signs of a slowdown in demand, Richard Donnell, Executive Director at Zoopla said: “The housing market is arguably more balanced than it has been for more than three years.

“Supply levels have recovered and buyers and sellers are not miles apart when it comes to where they see prices and that means deals are being agreed at an accelerating rate.

“The price level is adjusting downwards compared to the previous year, but fears of a larger price drop are exaggerated.

“Falling mortgage rates and a strong job market are supporting the activity level of dedicated movers, who need to be price realistic if they are serious about moving in 2023.”

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what happened overnight

Stocks struggled to make headway while the dollar suffered losses as signs of a slowdown in the US jobs market made investors nervous amid the economic outlook.

Asia trade was thinned out by public holidays in Hong Kong and China, leaving the MSCI Asia Pacific Index ex-Japan little better than flat.

Japan’s Nikkei fell 1.7 percent to 27,813.26, posting its biggest one-day percentage drop since mid-March. Tokyo’s broader Topix index fell 1.9 percent to 1,983.84.

Wall Street stocks fell on Tuesday as investors reacted to new data showing US job vacancies fell to their lowest level in almost two years in February.

The Dow Jones Industrial Average fell 0.6 percent to 33,402.38, while the tech-rich Nasdaq Composite declined 0.5 percent to 12,126.33.

The broad-based S&P 500 index fell 0.6 percent to 4,100.6 after reports said new orders for US industrial goods fell for the second straight month in February as demand for commercial aircraft slowed.

Meanwhile, US Treasury yields fell as signs of a slowing economy fueled bets that the US Federal Reserve would ease monetary policy.

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The yield on two-year government bonds, which normally move in line with interest rate expectations, fell 14 basis points to 3.840 percent. The benchmark 10-year yield fell nine basis points to 3.342 percent.