The average house price in England and Wales rose by just 0.8% between June and July, with the average home standing at £162,900.
The annual increase was an even more disappointing 0.3%.
Unsurprisingly, London experienced the biggest rise in prices with an annual rise of 6.5%. The average home in the capital came in at £367,785, more than double the national average.
The latest figures, released by the Land Registry, will be of little cheer to those planning to sell their home, as activity remains stagnant in the housing market.
Despite the gloomy statistics, activity from affluent housebuyers spiced up the market between May 2011 and 2012. The number of homes sold for £1 million or over increased by a massive 107% from 271 to 562.
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