House price growth is slowing down in some of the country’s most affluent cities, including London, thanks to new property taxes, faltering confidence and stretched affordability levels, but regional cities are soaring ahead.

London had the weakest property market conditions of the 20 biggest cities in the UK in the third quarter of the year. House prices grew just 0.9pc to an average £480,500 in the three months to September, compared with the previous quarter.

The supply of new homes coming to market in the capital grew faster than sales, which have fallen back in recent months on weaker demand, according to the data from Hometrack.

Over the past three years, property values in the capital have been growing at an average rate of 3pc. These latest figures mark the lowest quarterly growth rate since January 2015. At that time, fears of a potential housing bubble, a tightening of mortgage credit and concerns over the introduction of a mansion tax gripped the market.