UK house price growth continues to slow, according to Nationwide’s latest House Price Index, as values edged up just 0.1 per cent in March. The average price is now £189,454, according to the bulding society, 5.1 per cent higher than one year ago. This is down from the 5.7 per cent annual rise recorded in February, the seventh month that growth has slowed in a row.Nonetheless, UK house prices are now approximately 2 per cent above their pre-crisis levels."Economic conditions have remained supportive, with labour market conditions continuing to improve and mortgage interest rates close to all-time lows," comments Robert Gardner, Nationwide’s Chief Economist. "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. "While house price growth has moderated across the UK, there is still significant regional variation. Prices in London and the South of England continued to see the strongest rates of annual growth, though there was a noticeable softening this quarter, particularly in London. "Price growth also continued to cool in the North West of England, Scotland and Wales, even though prices in these regions remain some way below their 2007 peak. Indeed, in annual terms, prices in Wales declined by 0.5% in Q1."