House prices in England and Wales dipped slightly (0.2 per cent) in July but still recorded annual growth, according to Your Move’s latest house price index.
All regions across England and Wales recorded annual growth, with average house prices rising by £8,433.
The index found that transactions dropped an estimated nine per cent in July from the previous month.
Nationally, the biggest drops in annual growth were in Wales, down 1.5 per cent to just 0.2 per cent for the year while the west Midlands saw annual growth drop 1.3 per cent to 3.3 per cent.
Both the south east and Yorkshire and the Humber saw annual growth rates fall 1.2 per cent to 3.5 per cent and 1.5 per cent respectively.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Annual prices are still rising positively and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months.
“While, as a business, we often see this at this time of year, the cause of the dip may also be down to the buy-to-let slowdown as a result of tax changes.”
Average House Prices in England and Wales, July 2016 - July 2017
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What's going on in London?
Citing data from June, Your Move revealed that Lewisham house prices saw the biggest increase of the month, up 2.4 per cent.
With an average value of a home now at £469,709 Lewisham was the only borough in London during June to record a new peak price.
Overall, prices in the capital fell by 1.5 per cent in June for the third month in a row in June.
The fall shaved £8,913 off the average property price in London, but this still remains double the national average, at £602,849.