UK house price growth eased to its weakest annual pace for 13 months in December, according to Nationwide.
The building society's monthly index showed that property prices lifted by 7.2% annually this month to reach £188,559 on average, slowing from an 8.5% annual rate of growth in November.
The average cost of a home edged slightly lower from the record high of £189,388 measured the previous month.
Nationwide's report named London as the UK's "top performer" for price growth in 2014, with prices there up by 17.8% year on year, reaching £406,730 typically.
Wales was the weakest-performing region, with values having increased by 1.4% annually to reach £141,631 on average.
Activity in the housing market slowed following the introduction of tougher mortgage affordability checks but Nationwide forecast a return to stronger growth in 2015 because of stamp duty reforms and improved levels of construction.
Its chief economist Robert Gardner said: "The slowdown in housing market activity is surprising given further steady gains in employment, a pickup in wage growth (albeit from low levels) and the continued low level of mortgage rates.
"Moreover, surveys suggest consumers remain in high spirits – a view reinforced by robust retail spending growth in November, which was at its highest for over a decade.
"If the economic backdrop continues to improve as we and most forecasters expect, activity in the housing market is likely to regain momentum in the months ahead.
"Supply side developments will be crucial in determining the trajectory for prices."
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