Annual house price growth slowed in July, according to the latest figures from LSL Property Services.

Last month, annual growth dipped by 0.2% to 2.9% – the lowest level recorded since July 2013.

Betweem June and July the average property increased in value by over £8,000.

LSL calculates that the average house price in England and Wales is now £298,906.

Regionally, the East of England leads the way, with annual price growth of over 5%.

Meanwhile, the London borough of Lewisham recorded a new peak price last month, up 2.4%.

“Annual prices are still rising positively and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months,” says Oliver Blake, managing director of Your Move and Reeds Rains estate agents. 

“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,” he adds.