Average asking prices in the UK edged up 0.7%, or £2,067, in January after a fall of 2.2% in the final month of 2017 and similar to the 0.6% rise recorded in the same month last year, the latest index shows.

But the report from Rightmove warns that the residential housing market is still price sensitive with sales agreed numbers in the last quarter of 2017 down 5.5% on the same period a year ago and in all regions. It suggests that sellers of properties suitable for first time buyers are set to have greatest chance of sales success following last year’s stamp duty abolition for most people buying their first home.

The January month on month rise in prices being asked for new listings takes the average asking price to £297,587 and the index also shows that demand on the portal is currently running over 9% higher than a year ago, with an average of over 4m visits each day.

“All regions are currently selling at a slower rate than a year ago, indicating choosier buyers. The total number of sales agreed was 5.5% down in the last quarter of 2017 compared with the same period in 2016,” said Miles Shipside, Rightmove director and housing market analyst.