Average price tag on a home ‘just £714 higher than a year ago’

The average price tag on a home is just £714 higher than it was a year ago, according to a property website.

Across Britain, the average asking price in February is £300,715 – an annual increase of 0.2% or £714 – Rightmove said.

As the spring market approaches, it marks the most subdued price increase that the website has recorded at this time of year since 2009.

Miles Shipside, Rightmove director, said that as well as subdued pricing growth: “Buyers are also being given the leg-up by cheap mortgage rates, if they can meet lenders’ criteria and lay their hands on a large enough deposit.”

He continued: “In theory the scene would be set for an active spring if it were not for the uncertain political backdrop.

“As it is, the extent of that activity will depend on the degree of hesitancy among sellers to try to sell and be realistic on price, and buyers overcoming short-term uncertainty and taking a medium-term view that this is a good time to buy.

“As always, those decisions will also be influenced by local market dynamics.”

Mr Shipside said market conditions tend to be more favourable for sellers further north “though agents say that it’s still a very price-sensitive market where asking too much at the outset scares off buyers”.

Rightmove also quoted the views of estate agents.

Nick Leeming, chairman at Jackson-Stops, said: “For those looking to make a move, the best advice we can give buyers is to do their research.

“There is a limited supply of stock coming to the market currently, so if a property ticks all of the boxes in terms of price, location, access to key amenities and good transport links, we would advise them to really consider purchasing the home.”