The annual rate of house price growth hit its lowest level for four years in July, figures out today suggest.

Data from the Your Move England & Wales House Price Index shows annual price growth slowed to 2.9% in July, down from 3.3% in June, giving an average value of £298,906.

Price growth has now slowed for the fourth consecutive month, dropping 0.2% in July.

Transactions also dropped 9% in July, the agent estimates.

Oliver Blake, managing director of Your Move and Reeds Rains estate agents, said: “Annual prices are still rising positively and regions continue to perform strongly – despite the slowdown in transaction numbers over the summer months.

“While, as a business, we often see this at this time of year, the cause of the dip may also be down to the buy-to-let slowdown as a result of tax changes.”