According to a network of independent estate agents, Move with Us, despite this small increase, the average asking price was the highest on record at £265,545.

Unusually, the Greater London market was subdued in the third quarter of the year as it tempering huge growth in the first half of 2014.

The network said: “A moderate rise in the average asking price combined with lengthening selling times indicated average asking prices in the Capital may have settled at £466,147 for the time being.”

The East Midlands saw the highest percentage growth in average asking price, which reached £192,787 in the third quarter. This rise is, however, still relatively small at 1.36%.

Robin King, director, Move with Us, said: “The last three months have signalled a shift from the first half of the year, with average asking prices stabilising in most British regions after months of consecutive growth.

“In the Capital the market experienced an uncharacteristic slowdown in Q3 2014 and for the first time in years didn’t have the highest percentage increase in the average asking price.”