Annual house price inflation slips to lowest rate of growth in four years

The annual rate of house price growth hit its lowest level for four years in July, figures out today suggest.

Data from the Your Move England & Wales House Price Index shows annual price growth slowed to 2.9% in July, down from 3.3% in June, giving an average value of £298,906.

Price growth has now slowed for the fourth consecutive month, dropping 0.2% in July.

Transactions also dropped 9% in July, the agent estimates.

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.”