House prices in August increased 6.7 per cent on an annual basis, taking the average property value in England and Wales to £167,423, according to the latest data from the Land Registry.
All regions in England and Wales experienced increases in their average property values over the last 12 months.
The region with the highest annual change is London, with an increase of 11.4 per cent. The region with the smallest annual price rise is the North East with a movement of 1.6 per cent.
The data shows house prices increased 0.3 per cent between July and August.
The West Midlands experienced the greatest monthly rise with an increase of 1.2 per cent while Yorkshire & the Humber experienced the most significant monthly price fall with prices dropping 1.4 per cent.
During June 2010 the number of completed house sales in England and Wales rose by 9 per cent to 59,390 from 54,710. The number of properties sold in England and Wales for over £1m increased by 81 per cent between June 2009 and June 2010, from 331 to 599.