The rate of price falls for prime London housing has started to slow, according to figures from Savills.

The agent reported that prices in prime London, where values average around £2m, fell 0.3% in the first quarter of 2017, compared with a 2.2% drop in the final three months of 2016.

In prime central London, where prices average around £4m, values slipped 0.8%, compared with 2.1% in the preceding quarter.

Outside of London, property in prime regional areas recorded marginal growth ranging from 0.5% on the commuter belt to 1% in the midlands and north of England.

Lucian Cook, head of UK residential research at Savills, said: “Brexit uncertainty has compounded the cooling effect of Stamp Duty, but it now looks as though values are finding their level, and where asking prices reflect this, buyers are coming back into the market.

“However, high levels of over-priced stock remain in the market, some still pegged to peak values, suggesting we have probably not yet seen the end of asking price cuts.

“Though it looks as though the bulk of value falls are behind us, with Article 50 triggered this week, we expect the market to ebb and flow for the next two years, in step with the news agenda.”