A new survey by Zoopla suggests the average property price has hit £250,200 for the first time - but a slowdown in appreciation is on the way.
Properties in Wales remain popular with buyers showing the strongest rates of annual house price growth for the 15th consecutive month at 11.6 per cent; meanwhile London is lagging with the slowest rate of growth at 3.6 per cent.
Zoopla says the rate of house price growth is set to fall to only 3.0 per cent by the end of 2022 however.
Furthermore, sales are taking longer with nearly all types of property taking a few days more to achieve a sale agreed compared to the month prior.
Outside of London, the average time between listing and sale agreed for a three-bed house is up from 16 days in March to 18 days in April. In London, this figure is up from 17 days in March to 21 days in April.
Price reductions are also rising with an increased number of properties listed where sellers have cut the asking price by 5.0 per cent.
Since the second half of April, one in 20 properties listed for sale had a price reduction compared with 1 in 22 in the previous 28 days - a pattern seen in every region in Britain.
The average reduction seen is as high as 9.0 per cent and when applied to the average home value, this equals a price reduction of around £22,500.
The portal cites Vincent Dennington, director at the John D Wood & Co agency, as saying: “We are starting to see more and more price reductions on property portals, which is perhaps an early indication that the market is slowing down.
“However, this may also be a sign that properties have been initially overpriced and are not achieving any interest from potential buyers; therefore needing to be adjusted correctly to ensure a reduction generates new interest and ultimately offers.
“… Currently, the market remains buoyant enough that should a property come to market competitively priced, it is likely to create a multi-bid scenario, resulting in final offers going over the guide price.
“Despite the recent hikes in mortgage rates, they are still cheaper than back in 2015.”
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