Average asking price rose by just £14 in February

The average asking price for a home in Britain is now £362,452, according to Rightmove.

Rightmove said first-time buyer sales are holding up relatively strongly, suggesting those who are able to move are motivated to agree a purchase, likely driven in part by rising rental prices.

While mortgage rates jumped in the aftermath of the mini-budget, but in recent weeks there have been signs of some rates on fixed-rate deals edging down as the market settles.

According to research firm Moneyfacts, average two-year and five-year fixed rate mortgages are still above 5%.

Meanwhile, inflation remains at a 40-year-high, putting additional pressure on household finances.

Tim Bannister, Rightmove’s director of property science, said: “The big question this month was whether we would see new sellers increasing their asking prices, as has been the yearly norm as we approach the spring selling season.

“This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.

“In addition to market conditions demanding greater realism on price, we are transitioning into a slower-paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage.

“There are other indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.

“Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time, which can really help to find the right buyer more quickly.”