Home Asking Prices See Smallest February Rise In 22 Years

The average asking price for a UK home rose by just £14 from January to February, according to property website Rightmove - the lowest increase for the month since its records began in 2001.

The average asking price for a home is now £362,452, it said.

Asking prices normally rise at the start of the year as sellers gear up for the spring selling season.

However, price tags do fluctuate at other times in a year. For example in November and December, they decreased.

Rightmove said higher mortgage rates and living costs were squeezing what people could afford. It follows months of falling house prices and predictions of further declines this year and next.

"Many sellers are breaking with tradition and showing unseasonal initial pricing restraint," Tim Bannister, Rightmove's director of property science, said of the latest figures.

He added buyers were taking more time to "find the right property at the right price" and wanted "greater realism on price".

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