First-time buyers continue to be hit with higher asking prices, while values in the wider market rise at a slower rate.

Asking prices fell 1.1pc in November, according to the online property portal Rightmove, which described the market as "resilient". It said that this was a smaller drop than the average 1.8pc fall at this time of year.

In the last 12 months the average asking price has increased by 4.5pc. But behind the headline figure, price rises were highest for first-time buyers, who typically are looking for homes with two or fewer bedrooms.