The UK housing market has now reached a stage where an inadequate supply of homes is meaning those who would like to move are remaining in their current property for longer.

This has resulted in a lack of stock reaching the market and is helping push up prices.

During February the average asking price for a UK property was £279,004, up by almost £6,000 compared to January.

All property types have seen increases in demand in the last month, Rightmove added.

Some estate agents have reported a record low level of stock at the start of the year with many buyers unwilling to begin the selling process before they have found a new property for themselves. An average agent had 58 properties on its books in January 2015, down from 64 a year ago.

Miles Shipside, Rightmove director and housing market analyst, said: “For the right property at the right price, demand is outstripping supply and leading to some further upwards price pressure.

“However there is a limit to what the majority are willing or can afford to pay, especially with the tighter lending criteria. In locations where there is a tight-stock market some different tactics are required for a successful move as competition gets fiercer for quality homes as demand increases.”