As a result, the average house price in England and Wales now stands at £297,398, up by 2.1% from this time last year, though annual price growth has dropped from 2.6% in July and 4.3% back in May.
It found that there were 80,500 transactions completed during the month, up by 5% on July.
While all regions continued to record annual growth, it’s the east of England that stands out, with prices up by 5.5% and a new peak average price of £325,616. In contrast, areas like the north east (1.2%), Yorkshire & the Humber (1%) and Wales (1.8%) have seen much more modest increases.
However, Wales is leading the way when it comes to transactions; eight of the ten top spots for areas with the highest increase in property sales between May-July 2016 and May-July 2017 are found in the principality.
Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said that we are now seeing a balanced market, adding: “Regions like the east of England are closing the gap on the traditionally stronger performers like the south east as first time buyers drive growth in search of more affordable housing.
“The rise in transactions in August and strong regional performance highlights a monthly slowdown of prices in the capital. However, on an annual basis, London’s boroughs, particularly those in the south east, are continuing to show steady growth.”