According to Fionnuala Earley, chief economist of Nationwide, despite the absence of a further rate rise in February, recent interest rate rises are causing a reduction in interest from prospective homebuyers.
With house prices rising to Â£174,706 in February there may be an unwillingness of many homeowners to take on significant levels of debt.
“While the three recent rate rises now seem to be starting to take their toll on the market, not all indicators are cooking just yet,” said Ms Earley.
“Buyer interest and mortgage demand are waning, but the supply of properties coming on the market remains low,” she added.
In related news, a majority of first-time buyers are opting to borrow more than the cost of the property they are purchasing, according to the Mortgage Advice Bureau.