Land Registry data shows annual house price up by 0.4%

The May data from Land Registry's flagship House Price Index shows an annual price increase of 0.4 per cent which takes the average property value in England and Wales to £161,677.

The monthly change from April to May is an increase of 0.5 per cent.

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 7.7 per cent. London also experienced the greatest monthly rise with an increase of 2.6 per cent. Yorkshire & The Humber experienced the greatest annual price fall with a decrease of 3.9 per cent. The North East saw the most significant monthly price fall with a decrease of 1.9 per cent.

The most up-to-date figures available show that during March 2012, the number of completed house sales in England and Wales increased by 25 per cent to 58,609 compared with 46,742 in March 2011.

The number of properties sold in England and Wales for over £1 million in March 2012 decreased by 41 per cent to 501 from 845 in March 2011.

The Transaction Data shows Land Registry received over 1 million applications from all its customers (account and non-account) in May.

This includes 1,095,004 applications by account customers, of which 261,845 were applications in respect of registered land (dealings); 492,374 were applications to obtain an official copy of a register or title plan; 161,062 were searches and 49,809 were transactions for value.

The Price Paid Data includes details of over 54,000 residential property sales in England and Wales that were lodged for registration in May 2012.

The most expensive property sold for £28 million in May 2012 and is located in central London; the cheapest property in Shaw, Oldham, Lancashire sold for £10,000 in April 2012.