Property prices across England and Wales fell for the fifth consecutive month in July, down 0.2% from June, putting the average house price at £302,251 (US$385,445), according to the house price index from LSL Property Services and real estate consultants Acadata released Monday.

The flat prices are largely down due to slower activity.

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In July, there were roughly 75,000 transactions recorded across the two countries, a fall of 2% from June, the report said.

But despite the monthly falls, on a yearly basis the outlook was a little brighter. When compared to the same month last year, prices in July rose 1.6%.

“Whilst the market continues to be challenging, all regions and most local authorities continue to show house price growth, proving its resilience,” said Oliver Blake, managing director of real estate agencies Your Move and Reeds Rains, in the report.

The West Midlands saw the largest annual rises as prices rose 3.3%, followed by the North East of England, where prices increased 2.9%. The East of England and the South East of England tied for the smallest annual price growth logged, as prices in the regions rose 0.5%.

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Across London, prices rose 2.7% annually, bringing the average price of a property in the city to £625,529 (US$797,533).

But prices fell in almost two-thirds of the city’s boroughs on an annual basis. The biggest yearly price drops were seen in the City of London where prices fell 19.4%.  

Overall, the most expensive borough remains Kensington and Chelsea, where prices are down 1.9% on an annual basis to £1.76 million (US$2.24 million).