House prices were almost flat in April, with a drop of 0.1%, according to the latest Halifax house price index.
The fall follows a 0.5% drop in property prices in March.
The typical house now costs £299,313, compared to £299,609 in March.
Yearly growth dipped to 0.4%, from 0.8% in March.
But house prices continued to vary by region, with the south seeing the largest drop in values.
The region with the fastest drop in house prices was the South East, with a fall of 2% year on year to £383,044.
London saw the typical property value fall 1.4% to to £383,044.
The UK region with the fastest house price growth was Northern Ireland, with the typical home rising by 7.6% over the past year.
The North East of England saw house prices increase by 4.5% over the year to £183,445.
The North West saw yearly growth of 3.4%, with the typical property now worth £248,945.
The average Scottish house price rose 4% to £222,448 over the same period.
Wales saw house prices fall 0.7% year on year.
Halifax head of mortgages Amanda Bryden said: “After a strong start to the year, recent global developments have added a greater degree of uncertainty to the outlook. In particular, higher energy prices have fed into inflation expectations, prompting markets to reassess the path for interest rates – a shift that has already pushed up borrowing costs for many buyers.
“This understandably leads to more caution among some households, with the cost-of-living once again front of mind and extra thought being given to planned property moves.
“Even so, the housing market continues to display the resilience that has been its hallmark in recent years. While activity is likely to cool in the near term, the underlying picture remains one of relative stability, supported by wage growth that continues to outpace house price inflation.”
OnTheMarket president Jason Tebb said: “Despite challenging economic conditions and political uncertainty, needs-driven buyers and sellers who may have put moves on hold last year are showing resilience and remain focused on transacting. While affordability concerns remain, rather than retreating from the market, borrowers are adapting and grabbing lower mortgage rates while they can.
“Little movement in average house prices suggests buyers and sellers are adopting a pragmatic outlook and adjusting expectations, rather than a loss of confidence. A market that is not running away with itself is also encouraging for first-time buyers who are vital to enable transactions to take place further up the ladder.”
