Regions outside London and the south-east of England have become the “saving grace” of the property market, according to Home.co.uk.

The portal’s Asking Price Index for May found prices were up 2.8% year-on-year across the UK to £304,740 but were down 1.6% in London to £544,103.

The east of England saw the largest annual growth, up 8.1% to £357,927.

The research found that marketing times were at their best in the north-east and north-west, down to 107 and 90 days respectively.

This is the best time on the market in the regions since May 2008 and January 2008 respectively.

In contrast, time on the market in London and the south-east was up 15% and 7% respectively during May to 70 and 58 days typically.

Overall, the typical time on the market was 77 days.

Doug Shephard, director at Home.co.uk, said: “The UK property market is heading into a period of much lower growth overall. The national growth figures will remain muted due to the poor performance of London, which could last for some considerable time.

“However, investors both large and small are busy adding to their portfolios in higher yielding regions, and this is keeping prices buoyant and adding to market momentum in most regions outside of London and the south-east. Indeed, prices are rising in the east and west Midlands and in the south-west at a moderate and more sustainable rate than we observed previously in London and the south-east.

“For now and the near future these regions are the saving grace of the UK property market. Without their performance the national figures would look truly terrible and could precipitate a loss of confidence in the market as a whole.

“Moreover, it is pleasing to see increased activity in the northern regions, not one of which has seen the average home price rise by more than 10% over the last seven years.”