Asking prices for residential property in the UK rose for the second month running in March as optimistic sellers pushed for near record high prices, despite the increased competition from the increasing number of unsold properties and tightening credit conditions, according to Rightmove.

Rightmove reported that the average asking price rose 0.8% between February and March, a slower rise compared with the 3.2% increase last month. The average price of a home now stands at £239,655, up 5% from last year, and is just 1% below the record high seen in October last year.

With borrowing conditions expected to worsen, Rightmove said the continued rise in house prices is unsustainable, if potential buyers cannot get a mortgage.