New data released by the Nationwide shows house prices in every region of the UK slowing – and in most of them, falling.

The mortgage lender recently released data showing that UK-wide average prices saw their steepest fall in over a decade in March, down 3.1 per cent annually – this is the largest annual decline since July 2009. The decline has sharply accelerated from the 1.1 per cent fall recorded in February.

Now the Nationwide has released regional data for the first quarter of 2023. Nine out of our 13 regions recorded annual house price declines in Q1.

Scotland remained the weakest performing region with prices down 3.1 per cent compared with a year ago, a sharp slowing from the 3.3 per cent year-on-year increase the previous quarter.

East Anglia, which was the strongest performing region last quarter, saw a significant slowdown, with prices falling 1.8 per cent year-on-year, making it the weakest performing English region. The neighbouring Outer South East saw a 1.5 per cent year-on-year decline, while London saw a 1.4 per cent fall.

The West Midlands was the strongest performing region, with prices up 1.4 per cent compared with a year ago. 

Across northern England overall (which comprises North, North West, Yorkshire & The Humber, East Midlands and West Midlands), prices were flat compared with Q1 2022. 

Meanwhile southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 1.1 per cent decline.

Northern Ireland saw a noticeable slowing in annual house price growth, although prices were still up 1.3 per cent year-on-year. Meanwhile in Wales, annual house price growth slowed from up 4.5 per cent in the previous quarter to show a fall of 0.7 per cent in early 2023.