London is the weakest performing region for the first time since 2005, with house prices down 0.6% year-on-year, according to the latest Nationwide House Price Index.
UK annual house price growth is stable at 2% for this month.
Commenting on the figures, Nationwide's chief economist Robert Gardner said: “Housing market activity, as measured by the number of housing transactions and mortgage approvals, has strengthened a little in recent months, though remains relatively subdued by historic standards.
“Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appear to be weighing on confidence. The lack of homes on the market is providing ongoing support to prices.
“House price growth rates across the UK have converged in recent quarters. Annual growth rates in the south of England have moderated towards those prevailing in the rest of the country. London has seen a particularly marked slowdown.”
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