The third quarter of the year saw the property market stabilise as the average asking price in Britain rose by just 0.85%, Move with Us has reported.

Despite this small increase, the average asking price was the highest on record at £265,545.

The Greater London market was subdued in the third quarter of the year as it tempered following the huge growth recorded in the first half of 2014. The region wasn’t the strongest performing in Q3 2014, seeing the fourth largest percentage growth in Britain at just 1.03%.

Move with Us said a moderate rise in the average asking price combined with lengthening selling times indicated average asking prices in the capital may have settled at £466,147 for the time being.

The East Midlands saw the highest percentage growth in the average asking price, which reached £192,787 in Q3 2014. This rise is, however, still relatively small at 1.36%. The average asking price dipped in just two regions in a quarterly comparison, in the North East by 0.10% to £154,073 and in Scotland by 0.22% to £161,937. Despite this quarterly drop, the average asking price in both regions grew marginally in a yearly comparison demonstrating stability.

Robin King, director of Move with Us, said: “The last three months have signalled a shift from the first half of the year, with average asking prices stabilising in most British regions after months of consecutive growth. However, this didn’t stop prices hitting the highest figure on record with an average asking price £265,545 for Great Britain.

“In the capital the market experienced an uncharacteristic slowdown in Q3 2014 and for the first time in years didn’t have the highest percentage increase in the average asking price.”