Your Move and Acadata have stated that house prices reduced by 0.2% in July, reducing the annual rate of house price inflation to 2.9% – the lowest since July 2013.
On an annual basis, the average house price in England and Wales rose by £8,433. Monthly, prices reached £298,906 across England and Wales.
Transactions slowed, dropping an estimated 9% in July from the previous month. Both prices and transaction data show a marked pause in summer housing market.
Although there has been a slight slowdown in monthly transactions, yearly activity shows regions such as London and East of England are continuing to grow strongly.
Every region across England and Wales recorded annual growth as demand for affordable property continues to rise. Traditionally lower priced boroughs of London and cities outside the commuter belt are beginning to see increased activity and transactions from first time buyers.
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.
“Whilst, 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.”