Data from Hometrack showed house price inflation in London has continued to slow with property prices rising 13.6% in the last year.

It said the impetus for growth was now moving to other cities such as Liverpool, Sheffield and Glasgow.

Other cities which had experienced rocketing house prices have started to cool with price rises in Oxford falling back to 8.6% and Cambridge down to 5.3%.

This means many of these areas are now being matched or outperformed by other cities like Bristol which saw a 10.8% price rise in the last year. Aberdeen was the best performing city in the UK in the last year with prices jumping 16.4%.

Since their respective markets bottomed out Edinburgh has seen a 10.7% price rise to reach today’s prices. Leeds (10.1%), Newcastle (8%) and Glasgow (6.3%) were also home to large price growth.

Richard Donnell, director of research Hometrack, said: “House price growth within cities reflects the strength of their local economies and the demand for housing. While Manchester and Birmingham saw prices bottom out in 2009, growth has been more subdued than in other cities where employment growth has been stronger and the influence of the London economy has been greater.

“Elsewhere house prices continue to rise off a low base as pent-up demand returns to the market supported by record low mortgage rates, an improving economic outlook and rising earnings. Existing homeowners remain are reluctant to put their homes on the market, creating scarcity and keeping an upward pressure on prices.

“The outlook for 2015 is a balance between the scale of the affordability driven slowdown in the high value, high growth markets and the continued recovery in lower value markets.”