Across the UK the asking price for properties in the top quarter by value has been cut by 0.4% from the previous month.
The average asking price for prime properties increased only in London and the North West of England by 0.6% and 0.1% respectively on a monthly basis.
Nigel Lewis, property analyst at PrimeLocation, said: “Prime properties usually rise in value much faster than the general market. Over the past two years prime homes have risen by 5% while the overall market has stayed largely flat.
“But over the past two months the gap between prime and other properties has narrowed. This is because the prime market has quietened while the ending of stamp duty relief for first-time buyers next month means many are racing to complete, creating a 0.3% surge in prices within the general market.
“However it remains to be seen whether this trend will be sustained. Given the still challenging economic backdrop this increase in housing market activity may be the result of a temporary rise in first-time buyers entering the market to take advantage of the stamp duty holiday before it expires in March.
“If so this may continue to support activity and prices in the near term before cooling over summer.”
