Annual transactions in England and Wales have plummeted, says a new report.

Across England and Wales, and excluding London, they are well below the million mark, and have been measured at 798,296 in the 12 months to the end of January.

A new report says that they are now below the levels seen in 2014 and have fallen by 1.9% over the year.

Even counting London itself, transactions in England and Wales were still under the million mark in the 12 months to the end of January: in Greater London, there was a 5.2% fall in transactions to 88,224.

According to property investment firm London Central Portfolio, transactions across Greater London have fallen 27% since the introduction of Additional Rate Stamp Duty in April 2016.

In prime central London, LCP says transactions are at a historic low, with a fall of 15.6% over the last year – fewer than an average of 69 sales per week.

LCP also reports that house prices are down, now standing at an average of £259,442 excluding London.

CEO Naomi Heaton said: “Prices have now been in decline since last September. It appears that the uncertainty that has been so apparent in London for some time now has permeated to the rest of the UK.”

LCP produces its report based on every transaction recorded by the Land Registry, including cash purchases and new-builds.