The UK housing market is experiencing some significant changes in regard to growth in house prices, according to recent data. Evidence of a cooling off for the market seems to be appearing. House asking prices grew at the slowest rate in four years during the month of February, according to Rightmove. Buyers are simply refusing to pay for homes which they feel are overpriced.

House price growth slowed down from 3.2% during the first month of the year to 2.3% in the month of February. The average price for a UK home now sits at £306,213.

Buyers are finding several reasons to be more cautious about house purchases. Two major factors have been identified as inflation, which reached a two year high of almost 2% in January, and increasing cost of living.

Miles Shipside of Rightmove commented on the current state of house price growth, saying: “Property prices are still 2.3% higher than a year ago, but perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria and a dose of Brexit uncertainty.”

Kevin Shaw of estate agency Leaders commented on setting property prices for sale, saying: “Tempting as it may be, it’s never in the interests of a seller to set an asking price above what a property is really worth. Setting an accurate price, based on local market conditions, is crucial for achieving both a quick sale and the best possible price.

“Overpricing, particularly in a price-sensitive market, will result in the property sitting on the market until the price is dropped, losing the interest of buyers and ultimately achieving a lower price in the end.”