Annual house price growth slowed to 2.9% in July 2017 – the lowest level of growth for four years, LSL Property Services’ House Price Index for England and Wales has found.

The fastest rising area was the East of England (5.1%), followed by the South West (4.2%) and the East Midlands (4.1%).

Prices fell by -0.2% on a monthly basis, led by sharp falls in Greater London (-1.5%), Wales (-1.0%), and Yorkshire and the Humber (-0.8%).

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 for the dip may also be down to the buy-to-let slowdown as a result of tax changes.”

In London the City of Westminster and City of London saw prices drop by 11.6% and 8.2% annually, however cheaper boroughs saw price increases, including Lewisham at 2.4%.