There was an annual price increase of 4.2% in August, which takes the average property value in England and Wales to £184,682, the Land Registry has said.

Monthly house prices are up 0.5% since July 2015.

The region with the most significant annual price increase is the East with a movement of 8.4%, while London experienced the greatest monthly rise with a movement of 1.7%.

In addition, the North West saw the lowest annual price increase of 0.2% and also saw the most significant monthly price decrease with a fall of 1.4%.

In June 2015, the number of completed house sales in England & Wales fell by 13% to 70,404 compared with 80,823 in June 2014.

Meanwhile, the number of properties sold in England and Wales for over £1 million fell by 17% to 1,031 from 1,237 a year earlier.

Repossessions in England and Wales decreased by 43% to 498 compared with 868 in June 2014, while the region with the greatest fall in the number of repossession sales was London.

“House prices are still rising, however it is encouraging to see some moderation in the rate of growth, with this being the slowest annual increase for two years, a statistic that will no doubt be well received by prospective buyers,” said John Eastgate, sales and marketing director of OneSavings Bank.

“With wage inflation now at a six year high, more moderate house price growth bodes well for the long-term health of the property market, and it should help reduce some upwards pressure on affordability.

“We should, however, avoid focusing too much on the short term. This month’s figures might show that price growth has slowed, but the fundamentals are such that growth is inevitable over the long-term. Ultimately, the supply and demand imbalance will sustain property values. The UK is still desperately short of new housing, yet a combination of historically low mortgage rates and improving access to mortgage finance is sustaining demand.”