The value of a typical home has hit £250,200, as measured by property site Zoopla, following price increases by 8.4 per cent year-on-year.
Price reductions increased with one in 20 houses cutting prices by 5% or more, compared to 1% in 22 in March.
The average reduction on reduced homes was 9%, equal to £22,500 when applied to the typical value.
Sales are also taking longer, going from 16 days in March to 18 days in April outside London, and from 17 to 21 days in the city.
Price growth fell from 9% in March and is tipped to tumble to around 3% by the end of the year.
Cost-of-living crisis starting to affect the market
Zoopla made the prediction as homeowners are facing additional ongoing costs from the cost-of-living crisis.
Average cost of repayments for a new mortgage for an average home have gone up by £71 a month, when taking rising house prices and interest rates into account, the property site said.
Demand still outstrips supply, which is supporting the market, as homes for sale are down by more than a third compared to the five-year average.
London has the smallest shortfall in stock compared to demand while the East Midlands has the biggest.
Gráinne Gilmore, head of research at Zoopla, said: “High levels of buyer demand mean that the market is still moving quickly, but the time to sell – the time taken between listing a property and agreeing a sale – is starting to rise across most property types in most locations.
“We expect that this measure will continue to rise during the rest of the year as buyer demand levels start to fall, punctured by changing sentiment around the cost of living and personal finances.”
