The average price of a home in the UK has surpassed £250,000 for the first time, but the number of sellers lowering their asking price and the time it takes to sell a home have both increased, according to the latest market index from Zoopla.

The property company, which bases its monthly snapshot on a combination of sales prices, mortgage valuations and agreed sales data, said the average cost of a home was £250,200 in April, but the pace of price growth was slowing.

Annual house price inflation fell to 8.4% from 9% in March, and Zoopla said it expected it to fall to 3% by the end of the year.

The housing market is “still much busier than pre-pandemic standards,” but there are signs that a slowdown is on the way, Zoopla said.

It said that since the second half of April, about one in 20 homes has experienced a price cut of 5% or more — up from one in 22 homes in the previous month.

Sellers also usually waited a little longer for a sale. Outside of London, the average time between a three-bedroom house for sale and an agreed sale rose from 16 days in March to 18 days in April. In London, this average increased from 17 days in March to 21 days in April.

Gráinne Gilmore, head of research at Zoopla, said: “We expect this measure to continue to increase through the rest of the year as buyer demand begins to decline, punctuated by shifting sentiment around the cost of living and personal finances.”

Vincent Dennington, principal at estate agent John D Wood & Co, said: “We are starting to see more and more price cuts on real estate portals, which may be an early indication that the market is slowing