Nationwide has said house prices rose by an average of 2.3% in England over the last 12 months, compared to the 6.9% rate of growth achieved in the last quarter of 2007.

Compared to the final quarter of 2007, prices fell in each of the English regions. This left the price of an average English house at just under £200,000.

Nationwide found that the North-South gap narrowed in the first quarter, as annual house price inflation slowed more sharply in southern English regions than in the North. Price growth slowed from 9.0% to 3.5% in the South, and from 3.4% to 0.3% in the North. Among all English regions outside of London, the South
West saw the largest decline in annual house price inflation. Prices in this region are only 0.3% higher than a year ago, bringing it in line with the average rate of increase across the northern regions.

House prices in East Anglia, the Outer Metropolitan region and the Outer South East are holding up relatively better, but have also seen a significant slowdown in annual growth.

Across the northern English regions, the strongest performance came in the North, where prices are still 2.3% higher than a year ago. In the other northern regions – including the West and East Midlands – prices are essentially flat compared to a year ago.

Average house price: £197,403
Annual percentage change: 2.3%
Quarterly change (seasonally adjusted): -1.6%
Most expensive area: London
Least expensive area: North
Area with strongest annual price growth: London
Area with weakest annual price growth: North West

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