Property transactions were just above the 1m mark last year and were down 3.5% annually, Land Registry data shows.

The latest Land Registry House Price Index provides transaction data for December 2017, providing an opportunity to assess the health of the market last year.

There were 80,177 transactions completed in December 2017, according to the Land Registry, taking the total sales volume figure for the year to 1.06m.

This is down from 1.1m in 2016.

The Land Registry said the data is based on 90% of sales but is subject to revision as more get registered.

The December UK transaction figures were down 18.8% annually and also decreased 9.1% on a monthly basis.

The slide was led by England, which saw transactions fall 21.2% annually in December 2017 to 62,697. Sales in Wales were down 14.3% to 3,927 and fell 8.8% in Northern Ireland to 5,501. Deals in Scotland dipped 5.1% to 8,052.

House price growth also slowed in February this year, according to the same report. In London, average house prices fell on an annual basis for the first time since 2009, with an average 1%, or £5,000, shaved off in the 12 months to February. It was the only region where there was an annual fall.

Across the UK annual UK price growth slowed from 4.7% in January to 4.4% in February, and fell 0.1% on a monthly basis, leaving average prices at £225,047.

Commenting on the figures, Sam Mitchell, chief executive of online estate agents HouseSimple.com, said:  “These figures are not reflective of market conditions right now which show strong demand from buyers and stock levels on the rise.

“February and March were difficult months because of the inclement weather, but the market has come to life in the past week.

“We are now in the crucial spring period, and early indicators suggest we are going to see plenty of activity during the remainder of April and in May.

“This is certainly the case in the north, in major urban areas such as Liverpool and Manchester, where the first-time buyer Stamp Duty boost has had the greatest impact.”