House prices are currently rising at a slower pace than peoples wages, according to a survey of property asking prices.

The survey conducted by Rightmove revealed that annual house-price inflation fell to just 2.4% this month, which is well below the 4.6% annual increase in peoples wages recorded by the Office for National Statistics last week.

At current asking prices most first-time buyers are not earning enough to afford their own home.

Miles Shipside, commercial director of Rightmove, said: "Having had it so good for many years, its now payback time for the property market. As many sellers are refusing to part with gains they have made, buyers are forced to make up the affordability gap."