Annual property price growth slowed to 4.1% in June, which was the smallest yearly rise since August 2013, according to the latest LSL House Price Index. However, standing at £278,849, the average house price in England and Wales has hit a new high and home sales soared by 15% month-on-month in June, as buyers sprung back into action after the general election.

London only ranked seventh in regional growth in June, with annual price rises falling to just 1.8%.

Richard Sexton, director at e.surv chartered surveyors, comments: “Whilst the vibrancy of house price growth across England and Wales has faded in the past year – with annual rises more than halving – the market still has colour in its cheeks.

“On a monthly basis typical property values have climbed 0.3%, or £966, since May and although growth has slowed, the property market recovery continues to paint an attractive picture for homeowners across the country. This is the fifth time already this year that house prices have hit a new high, and in cash terms it adds up to home values being £10,980 higher than a year ago.”