Average UK house prices fell by 0.2% last month according to Your Move.

The national estate agent said this brought the average property price to £297,398, which is still 2.1%, or £5,982, higher than a year ago.

Despite last month’s dip all regions in England & Wales continue to record annual growth, with the East of England seeing the strongest increase in prices over the last 12 months, at 5.5%.

In contrast London has the lowest rate of regional house price growth at 0.7%.

Sales up

In terms of transactions, there were an estimated 80,500 sales completed during August – an increase of 5% compared to July’s total.

Wales is leading the way on sales, boasting eight of the 10 areas with the highest annual increase in property sales.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “We’re seeing a balanced market this year. Regions like the East of England are closing the gap on the traditionally stronger performers like the South East as first time buyers drive growth in search of more affordable housing.

“The rise in transactions in August and strong regional performance highlights a monthly slowdown of prices in the capital. However, on an annual basis, London’s boroughs, particularly those in the south east, are continuing to show steady growth.”