Prices in the last three months to April were 2.2% higher than in the same three months a year earlier, down from the 2.7% annual growth recorded in March.

House prices in the latest quarter (February-April) were 0.1% lower than in the preceding three months (November-January), the third consecutive decline on this measure.

On a monthly basis, prices fell by 3.1% in April, following a 1.6% rise in March, reflecting the volatility in the short term monthly measure.

Russell Galley, Managing Director, Halifax, said: "We've seen annual house price growth ease from 2.7% in March to 2.2% in April. House prices in the three months to April were 0.1% lower than the previous three months. Both the quarterly and annual rates have fallen since reaching a recent peak last autumn, with these measures providing a more stable indication of the underlying trend than the monthly change.