The Land Registry has reported an annual price increase of 7.2% in September, which takes the average property value in England and Wales to £177,299.

Its House Price Index showed there was a fall in house prices of 0.2% since August.

Meanwhile, repossession volumes decreased by 33% in July 2014 to 863 compared with 1,283 in July 2013.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “September saw house prices in the UK plateau. A cooling of the rapid house price rises seen so far this year is no bad thing and may be due in part to the uncertainty over what will happen to interest rates.

“Amid this landscape, consumers seem to be more reluctant to either move house or look for a new mortgage deal. However now is a good time for borrowers to reassess their options, as the lowest deals will disappear well ahead of any base rate rise from the Bank of England. On top of this, owing to their current appetite, lenders are engaging in a price war, pushing a vast number of product rates to historic lows.

“For consumers who are unsure of whether they could be saving money on their mortgage, now is the time to speak to an adviser who can look at individual circumstances and see the best deals available. Proactively contacting borrowers who could benefit from reviewing their finances now could also be a great opportunity for those advisers who want to build and maintain strong client relationships in the future.”

The Land Registry said the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 18.4%. The East experienced the greatest monthly rise with a movement of 1.4%.

Meanwhile, Yorkshire & The Humber saw the lowest annual price growth with a movement of 1.4% and the region also saw the most significant monthly price fall of 2.2%.

The most up-to-date figures available show that during July 2014 the number of completed house sales in England & Wales increased by 7% to 79,214 compared with 73,749 in July 2013.

The number of properties sold in England and Wales for over £1 million in July 2014 increased by 19% to 1,439 from 1,207 in July 2013. The region with the greatest fall in repossession sales in July 2014 was the East.