House prices have increased 2.8 per cent since last July, the Rightmove House Price Index revealed today; the report shows a month-on-month increase of 0.1 per cent.
In July, the average asking price on a property coming to market across England and Wales edged up £312 to reach £316,421.
Unsurprisingly, London saw the biggest month-on-month increase in asking prices with a 1.1 per cent uplift.
This was closely followed by the West Midlands which saw a 0.7 per cent increase and Wales, where asking prices increased by 0.6 per cent.
The North East saw the biggest month-on-month fall in asking prices, with a 1.3 per cent decline, followed by Yorkshire and the Humber with a 1 per cent fall and the North West and East of England, where prices fell by 0.7 per cent.
In the East Midlands, asking prices decreased by 0.4 per cent month-on-month.
Brian Murphy, Head of Lending for Mortgage Advice Bureau told Express.co.uk the data released provides property owners with trends on asking prices, rather than completed transactions.
He said: “Seeing the slow down on new instructions reported in the data is no great surprise at all, given that we’re now entering peak holiday season.
“This is the normal and expected pattern every year, so is no cause for concern whatsoever.”
Murphy explained the UK property market is seeing the highest levels of stock sell-through since Rightmove started to track the metric – which is means demand for property remains strong with consumer confidence largely undaunted, and underlying market fundamentals remaining robust.
He added: “The Rightmove report suggests annual average house price increases of 2.8% so far this year, which is absolutely in line with market forecasts and expectations for 2017, so again should not raise any alarm bells whatsoever.
“Other factors, such as the average time to sell standing at 60 days in this month’s report, has remained broadly unchanged now for the last quarter, and also points to market consistency in most areas that again flies in the face of some who might suggest that the market is in negative territory.”
What may be surprising for many is the city of Peterborough currently has the highest increase in sales, up 2015 on 2015 levels.
In London, Westminster sets a new peak price, up 19.7 per cent annually to reach £1,865,843.
Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “Don’t write the market off just yet. We’ve seen three months of falls, but…