Homeowners are slowly coming to terms with lower valuations for their property after price growth expectations fell to an 18-month low, ahead of the general election.

Over the three months to February householders became steadily more pessimistic, predicting slower price appreciation in 2015, according to the property group, Knight Frank.

Despite the low interest rate environment and wide range of cheap mortgage deals on offer, the sentiment index, which each month tracks whether homeowners think the price of their property will go up or down over the next 12 months, fell from 74.9 a year ago, to 68.2 this February, having peaked at 75.1 in May.

February's index represents the lowest perceived rate of price growth since August 2013.

Analysts at Knight Frank blamed the cooling sentiment on affordability constraints following rapid house price growth in the first half of 2014, while many householders were also distracted by the general election.

"The easing in house price sentiment indicates that the market is in for a steadier year than 2013 or 2014. While buying intentions are still relatively high, there is less conviction that prices will rise strongly this year," said Grainne Gilmore, head of residential research at Knight Frank.

"New mortgage rules and affordability constraints in some parts of the country are likely to weigh in on price growth. In the shorter-term, many households are focussing on the election, the outcome of which could change some household finances if taxes or benefits are reformed," she aded.

People in the South of England and London were more positive about price inflation than those in the North East and Scotland, home to the UK's gloomiest inhabitants.

Despite the moderating sentiment, the majority of the country do not anticipate a fall in the value of their property, with around six times more UK households forseeing a rise in their property value during the year ahead than those predicting a fall.