All estate agents do it to a larger or lesser degree and, having been in the business for many years, I would argue with anyone denying the fact that it has now become conventional throughout the UK.

At one stage in my early career, even I was tempted, because the alternative involved losing customers and eventually my livelihood to local competitors.

In its most innocent form overvaluing is an enticement - a method estate agents use to acquire new custom. It occurs more often and more aggressively in areas where there are multiple agents competing for business, such as a large town or city where they are constantly scrambling against each other to secure new clients.

The first attack against rival agents usually involves strategic fee reductions, but this is often unsustainable for a prolonged campaign and particularly if the contending agents are not high street names with vast financial resources.