The Land Registry has said that June saw an annual house price increase of 5.4%.

This takes the average property value in England and Wales to £181,619 overtaking the previous peak of £180,983 in November 2007.

Monthly house prices are up 1.1% since May 2015.

The regional data indicates that the region with the most significant annual price increase is London with a movement of 9.2%
the North East experienced the greatest monthly rise with a movement of 3%.

Yorkshire & The Humber saw the lowest annual price increase of 1.4% and also saw the largest monthly price decrease with a fall of 0.9%.

Sales and repossessions during April 2015, the most up-to-date figures available, show that the number of completed house sales in England & Wales decreased by 19% to 57,180 compared with 70,244 in April 2014.

In addition, the number of properties sold in England and Wales for over £1 million decreased by 22% to 874 from 1,114 a year earlier.

Repossessions in England and Wales decreased by 48% to 505 compared with 974 in April 2014, while the region with the greatest fall in the number of repossession sales was the East.

Peter Rollings, CEO of Marsh & Parsons, said: “The North East stole London’s thunder in June in terms of monthly house price appreciation, but the sun is still shining on the capital in terms of annual growth. Typical values are now back to pre-financial crash levels and the average property inside the M25 will set you back almost 2.7 times the wider national norm.

“The fact that most regions across the UK are now posting monthly increases is the first evidence that post-election confidence is now filtering through to the figures after a period of levelling off. London continues to be at the forefront of this and prime postcodes have enjoyed quarterly upticks after an uncertain period at the beginning of the year.”