UK annual house price growth ended 2017 at 2.6% compared with 4.5% in 2016 according to Nationwide's latest House Price Index.
London was the weakest performing region, with house prices down 0.5% year-on-year.
"Low mortgage rates and healthy employment growth continued to support demand in 2017, while supply constraints provided support for house prices," Nationwide's chief economist Robert Gardner said.
"However, this was offset by mounting pressure on household incomes, which exerted an increasing drag on consumer confidence as the year progressed. The impact of previous policy changes meant that demand from buy to let investors remained subdued in 2017.
"The significant disparity in house prices across the UK has been a recurring theme in recent years. In this respect, 2017 saw the beginnings of a shift, as rates of house price growth in the south of England moderated towards those prevailing in the rest of the country. "
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