According to data from Nationwide Building Society, the last three months of 2014 saw property price growth slow substantially, although year-on-year growth increased by 8.3 per cent reports

In three UK regions – north-west England, Yorkshire and Humberside, and Wales – property prices went into decline in the final quarter, further supporting the notion that the property market is cooling.

The average UK house price now stands at £189,002, after a 1.1 per cent rise in the last quarter and a 0.2 per cent rise in December.

London saw healthier gains of 2.5 per cent in the last quarter and 17.8 per cent over the whole of 2014.

St Albans saw the biggest rise in house prices – at 24 per cent – taking the average house price in the town to £494,777. Reading saw a rise of 19 per cent, while the average property price in Belfast increased by 17 per cent.

However, many UK cities saw prices stagnate with Manchester remaining static over the year.

Property prices tend to drop in the run-up to Christmas, as buyers put off buying until the New Year and properties placed on the market in the final quarter can take longer to sell.

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