The “disorderly” mortgage market has left properties sitting on the market for longer and forced sellers to cut their asking prices, new data shows.

Average asking prices have dropped by £82 this month, according to Rightmove, which, though small, represents the first decline in June since 2017.

Meanwhile, more than half of properties are now taking longer than a month to attract an offer, according to separate data from property portal OnThe Market. The proportion of houses taking longer than 30-days to go under offer has jumped from 39pc last month to 58pc today.

Experts blamed surging mortgage rates, which have left buyers uncertain about how much they can borrow. Rightmove said the “disorderly mortgage market is creating uncertainty among movers with more change expected this week”.

The average for a two-year fix was today expected to cross 6pc after hitting 5.98pc on Friday, according to Moneyfacts.

Rates are set to climb even higher, with the Bank of England expected to raise its base rate to 4.75pc this week. Financial markets predict it could climb as high as 6pc.

Read the latest updates below.