Many vendors had put in an offer on another home before they understood the value of their own property, Zoopla said

Lloyds said the new mortgage could reduce the time it takes to save a deposit by years for some buyers.

Many buyers are becoming more cautious, reassessing budgets, or looking at smaller homes, a property professionals’ organisation said.

Reduced demand from buy-to-let investors and changes in the mix of property types being built were behind the fall, Hamptons said

First-time buyers said they were able to buy in their preferred location and put their own stamp on their property, Nationwide Building Society said

New borrowers in one area of London typically spent over a quarter of their gross income on mortgage repayments, UK Finance said