The September data from Land Registry’s House Price Index has indicated an annual price increase of 5.2%. This takes the average property value in England and Wales to £166,769. The monthly change from August to September is a decrease of 0.2%.

All regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 8.8%. The region with the smallest annual price rise is the North East with a movement of 0.2%. Yorkshire & The Humber experienced the greatest monthly rise with an increase of 1.5%. The West Midlands experienced the most significant monthly price fall with a movement of -1.4%.

The most up-to-date figures available show that during July 2010, the number of completed house sales in England and Wales rose by 1% to 64,411 from 63,612 in July 2009. The number of properties sold in England and Wales for over £1 million increased by 59% between July 2009 and July 2010, from 563 to 896.

Alison Beech, business relationship director, Valunation, said: “This has been a week of ups and downs for the UK economy. While the growth in GDP exceeded expectations