House prices are increasing less than half as fast as they were last summer, Nationwide Building Society has reported.
At £189,454 on average in March, UK property values are 5.1 per cent higher than a year ago. The annual pace of house price growth has been slowing for seven months in a row, and has reached less than half the rate of growth seen for much of last summer, when the year-on-year increase was in double digits.
Last June, for example, prices were climbing at a rate of 11.8 per cent year on year. On a month-on-month basis, house prices edged up by 0.1% in March, following a 0.1 per cent decrease in February.
Nationwide said that all regions except the North of England have seen a further slowing in the annual pace of house price growth during the first three months of this year.
London remains the strongest-performing region, with average prices up by 12.7 per cent year on year, taking them to £408,780 on average. But the pace of price growth in the capital has slowed sharply compared with the end of 2014, when the pace of annual growth was 17.8 per cent.
Wales remains the weakest area in the UK for annual house price growth. At £139,171 on average, prices in Wales are down by 0.5% year on year. Wales is the only UK nation or region where prices have fallen year onyear in the first quarter of 2015.