The Land Registry’s House Price Index for July shows an annual price increase of 7.2% which takes the average property value in England and Wales to £175,653.

House prices up 1.7% since June. Repossession volumes decreased by 42% in May 2014 to 857 compared with 1,488 in May 2013.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 19.3%. London also experienced the greatest monthly rise with a movement of 3.3%.

North East saw the lowest annual price growth with a movement of 2%, while Yorkshire & The Humber saw the most significant monthly price fall of 0.6%.

The most up-to-date figures available show that during May 2014 the number of completed house sales in England & Wales increased by 10% to 72,900 compared with 66,325 in May 2013.

The number of properties sold in England and Wales for over £1 million in May 2014 increased by 32% to 1,032 from 779 in May 2013.

The region with the greatest fall in repossession sales in May 2014 was the East Midlands.