The rise in Rightmove’s asking price index to a new record high is the result of out-of-touch discretionary sellers testing the spring market with unrealistic prices, according to the property website’s commercial director Miles Shipside.

Despite the almost overwhelming gloom in the market, Rightmove posted a rise of 1.2% in asking prices in May, making for a 2.2% rise over the past year.

Such paradoxes are commonplace when markets move from rising to falling. And for those puzzled by the figures, Rightmove provides a good explanation of the problem experienced in the housing market in this month’s report.

Suffice is to say that Rightmove is still calling the market down.