Your Move’s House Prince Index for July put average property values at £298,906, down 0.2% on the previous month. The annual rate of growth was down to 2.9%, well below the 6.8% rate of annual growth recorded a year ago.
On a monthly basis all regions across England and Wales fell back, except for the East of England, which was flat. The biggest fall was in Greater London, registering a drop of 1.5% in prices from the previous month, while Wales was down by 1%.
But on an annual basis, all regions remain up on last year’s prices. Prices in Wales are only 0.2% ahead of where they were a year ago, while in the East of England they are 5.1% up on the previous year.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, was upbeat in the face of a slowing market and said: “Annual prices are still rising 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.”