The high rate of auction withdrawals over the past few weeks has sent jitters through the market, and forced vendors to think twice before selling in what is perceived as a glut. However, this is no different from other years when the May auction calendar was the busiest and inevitably not everything sold. Interestingly, the most expensive homes - those over £700,000 or so - are still selling exceptionally well. One notable result this week was the £1.5 million achieved for a mews house in Raglan Lane. Ayot Mews has been refurbished to a high standard and enjoys a great location, but the price is still astonishing. It last came on the market in 1996 when it made £320,000.

The slowdown in the middle market is being laid firmly at the feet of vendors who, auctioneers say, have too high expectations. However, sales completed after auction are still running high, and a great deal of the properties will be sold before the current season closes in July.