While home prices may have nudged up this month across England and Wales, market conditions in London and the South East dwindled, according to a report from home.co.uk.

The supply of property for sale has also risen to near seven-year highs in both regions. In contrast, the East Midlands, West Midlands, Wales, the North West and Yorkshire have all seen thriving markets.

What’s more, as oversupply threatens to exacerbate the downturn in London and the South East, the East of England looks set to follow the same path, with a rapid rise in supply, lengthening marketing times and price growth falling below the level of inflation.

On a regional scale, the East Midlands leads the price growth league table with a 5.3% rise over the last 12 months, closely followed by Wales with a 5.1% increase.

Supply of property for sale in the UK is up 8% year-on-year overall, with the largest contributions in March from the East (+17%) and South East (+16%). According to home.co.uk, the large jumps in these areas could serve to slow these markets further and inevitably stifle price growth. Meanwhile, supply fell in Wales (-5%), Scotland (-2%) and the North East (-4%).

In April, the annualised rate of increase of home prices was 0.3% and now stands at a mere 1.3%.