A survey from the Royal Institution of Chartered Surveyors (RICS) found that nine per cent of surveyors have reported that construction had risen rather than fallen in the capital this quarter - but this was the lowest reading from the survey since the second quarter of 2012.
Construction in the Midlands is steaming ahead of the capital, with 30 per cent more respondents saying there has been a rise in building activity.
The slowdown in activity was largely in the private commercial sector, RICS said.
The highest level of growth in London was in public housing; 15 per cent more chartered surveyors said workloads in this sector had increased rather than fallen.
Jeremy Blackburn, RICS UK head of policy, said: "It seems that when it comes to private housing, we are indeed the builders. The government's commitment to this critical sector has clearly had a positive impact on growth.
"However, what the figures mask is the disparity between the kinds of properties that are being built. When the communities secretary publishes his housing White Paper later this month, he must deliver a housing programme that benefits more than just the fortunate few."