The national average asking price of 132,123 properties put on the market in the last 4 weeks rose by 0.9% (£1,799) to a new record of £203,399.

The continuing ability of buyers to pay record prices is one of the conundrums of the current property market. In the absence of a surge in the supply of new build, the need for housing continues to drive demand, said Rightmove earlier this week.

	March	February
Average property asking price	£203,399	£201,600 %
Change in month	+0.9%	+2.7% %
Change in past year	+4.3%	+4.0%
Monthly index (Jan 2002=100)	165.5	164.0

There are signs, however, that the pace of increase in asking prices is being kept in check by affordability constraints. The 0.9% increase this month is down sharply from the 2.7% last month, resulting in a modest increase in the annual rate from 4% to 4.3%.

In addition, the 6-month downward trend of average properties for sale per estate agency branch has come to a halt as we see the expected seasonal increase in properties coming to the market. It has increased from 61 to 63, indicating that at the national level buyer and seller activity are balancing out.

Time on the market continues to fall, but again at a reduced pace, dropping from 81 days to 75.

Miles Shipside said: "After several months of confidence building activity, it could be that we are entering a period of stability. We expect prices to fluctuate within a fairly narrow range according to local supply and demand, with property having to be accurately priced or it will not sell."

"The exception will be the hotter areas of demand, especially in the south where there has been a disproportionate increase in disposable income"