Sellers had to wait an extra 15 days to sell their house last month compared with those who sold up in February last year.

The most recent figures from Rightmove, the property website, show that an average property took 93 days to sell last month. This was slightly less time than it took in January, but 15 days longer than in February last year.

January and February are typically among the quietest months in the housing market, but estate agents said that tightening lending criteria with more marginal purchasers was a factor hindering sales growth.

This weakening of activity in the housing market does not bode well for prices. Estate agents said that buyers are more likely to offer a lower price once a property has been on the market for a while.

Chartered surveyors are also reporting sluggishness in the market. The number of unsold properties on their books has reached near-record levels. The average number of unsold properties per surveyor rose to 92 last month, - the highest level since October 1998 when the average figure per surveyor was 93.

Ian Perry, of the Royal Institution on Chartered Surveyors, said: "The build up of new stocks will encourage buyers to negotiated lower asking prices."