House price data from Reeds Rains and Your Move showed the average price in England and Wales stood at £277,178 in May.

This is a new house price record and is the fourth time it has been broken in 2015.

Monthly price growth was 0.4%, lower than a year ago, as home sales dropped 14% compared to this time in 2014.

The London market continues to slow, with the South East, East Anglia and East Midlands growing faster than the capital.

There is evidence that stamp duty changes have damaged the higher end of the market, with home values in Kensington and Chelsea 16% below the peak of autumn 2014.

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Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The melody of growth has slowed, with monthly house price rises now just a third of what they were a year ago. Property values received a 0.4% boost in May 2015, compared to 1.2% at the same point twelve months ago.

But the property market is still hitting the high notes – with the average home in England and Wales currently worth £277,178. This is the fourth new record for property values this year as the recovery strives on, and monthly price rises are strengthening. In April we made another breakthrough, with property values across more than half of the unitary authorities/county areas of England and Wales now past their pre-recession peaks.”

“There are only four outstanding regions across the country where house prices are still dallying below 2007/2008 benchmarks, but the good news is that the tide is going in the right direction. It is those areas which have most catching-up to do, and where price increases have typically been smaller, where growth is now accelerating.