House prices are up 5.1 per cent on a year ago , a report has revealed - but growth is still slowing and some areas are even in decline . Average UK property values in March reached £189,454 in March compared to £187,964 in February 2014 , according to Nationwide Building Society . But 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 . A report has revealed house prices are up 5.1 per cent across Britain - but growth has been slowing for seven months in a row . Last June , 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 per cent 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 per cent year on year . Despite seeing a rise in the average cost of a house , the pace of price growth in London has slowed sharply compared with the end of 2014 . St Albans ( pictured ) in Hertfordshire was named as the UK 's top performing city for house prices over the last year , with average values up by 22 per cent to reach £498,957 . Average UK property values in March reached £189,454 in March compared to £187,964 in February 2014 . Wales is the only UK nation or region where prices have fallen year on year in the first quarter of 2015 . St Albans in Hertfordshire was named as the UK 's top performing city for house prices over the last year , with average values up by 22 per cent to reach £498,957 . Manchester was named as the weakest performing city , with values down by 1 per cent year on year , taking them to £211,571 . Reading , Oxford , London and Brighton were among the UK 's other top price performers over the last year , while Bradford , Plymouth , Leicester and Cardiff were among the weakest . In Scotland , house prices have increased by 1.3 per cent year on year , taking them to £140,180 on average , and in Northern Ireland they have increased by 5.7 per cent , pushing them to £121,052 typically . The North of England has bucked the general trend seen across the UK , seeing the annual pace of price growth accelerate from 4.4 per cent at the end of last year to 4.7 per cent in the first quarter of 2015 . The average house price in the North of England is £125,299 . On the market : 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 . Yorkshire and Humberside was the weakest performing region in England , with prices up by 1.3 per cent over the last year , pushing prices there to £141,647 typically . Robert Gardner , Nationwide 's chief economist , said that , across the UK , average house prices are currently around 2 per cent above the levels seen before the financial crisis . He said : 'Economic conditions have remained supportive , with labour market conditions continuing to improve and mortgage interest rates close to all-time lows . 'Nevertheless , the pace of housing market activity has remained subdued , with the number of mortgages approved for house purchase in January around 20 per cent below the level prevailing one year ago . ' Some experts have suggested that the looming general election could have an impact on the housing market , with people putting off their plans to await the outcome . 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 . But a report from the British Bankers ' Association ( BBA ) found this week that the number of mortgage approvals being made to home-buyers is starting to see an upward trend . The BBA said that early 2015 is seeing a higher demand for mortgages than the levels seen towards the end of last year . The reform of stamp duty in December has made the tax cheaper for the majority of home-buyers who are liable to pay it . Meanwhile , estate agents have reported receiving inquiries from older people who are considering investing in the buy-to-let market , due to the new pension freedoms which will come into force in April and give people aged 55 and over a greater level of choice over how they use their pension pots . Howard Archer , chief UK and European economist for IHS Global Insight , said : 'There are signs that housing market activity may now be slowly turning around after weakening during much of 2014 and we suspect it will gradually improve over the coming months . '
Average UK property values in March reached £139,171 , Nationwide reveals . Annual pace of house price growth slowing for the seventh month in a row . London remains strongest performing region with prices up 12.7 per cent . Wales is the weakest performing with house prices at £189,454 on average .