House sellers pushed up asking prices for the third consecutive month as buyers chased relatively few homes on the market, a survey has said.
Property website Rightmove said that asking prices rose by 2.4% in the past year to a UK average of £246,235.
But the latest Land Registry data suggested that prices at the point of sale were static or falling slightly.
Rightmove said a burst of new listings of properties for sale meant asking prices could now dip.
It also said that asking prices had failed to keep pace with inflation since August 2007.
However, this trend was reversed in London. The market in the capital remains different to much of the country, partly owing to investment from overseas buyers.
“While the national average price of property coming to market has set new records in each of the last three months, sellers should not break out the bunting in celebration until they have done their homework,” said Miles Shipside, director at Rightmove.
“It remains a very local market ruled by property style and location. Cutting your asking price to be cheaper than your competition and promoting your selling points better will be the key to avoid being an also-ran in the race to sell.”