The housing market continued to slow with March seeing the smallest annual change in prices for 16 months.
House prices rose 0.2% in March, at an annual pace of 5.6%, according to new research from Reeds Rains and Your Move estate agents.
But that still takes the average property price across England and Wales to a new record of £275,123.
The slowdown is particularly marked in the south, with London hit by higher stamp duty and the threatened mansion tax.
Sales did rise 11.6% in March, but that is only half the typical monthly upswing expected at this time of year.
The new research blamed the slowdown on pre-electoral uncertainty, with first-quarter sales down 5%.
Adrian Gill, director of Reeds Rains and Your Move estate agents, said: "Property prices in England and Wales continue to hit new heights, yet the cogs of the machinery are flagging to the most laboured pace we've witnessed for 16 months.
"Annual house price growth has now been waning for half a year, and hasn't been this sluggish since November 2013.
"But with homes on average worth £14,620 more than a year ago, it isn't anything to lament.
"While price inflation simply isn't as rapid as it was, the stamina is still strong, and prices edged forward another 0.2% in March."
Although prices continue to rise, sales are "treading water", Gill said.
"Completed home sales in March 2015 totalled 72,200. This marks a strong 11.6% increase on February, but delving a little deeper reveals this is only half the uplift we would usually expect for the market at this typically animated time of year.
"Taking Q1 2015 as a whole, we've seen 5% fewer completed home sales than in the first quarter of last year.
"But this is far from a typical year. With the general election tightening its tempo every week up until 7 May, cautious buyers are holding back to wait and see which way the chips fall.
"Property regulation is a hot topic in one of the most uncertain UK elections in a generation. No-one wants to have the rug pulled from under their feet before they've made it through the front door."
Gill said the radical stamp duty overhaul has greatly boosted the prospects of buyers across the country, and injected new life into areas where prices have been stalled and the recovery yet to show its face.
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