The Land Registry’s September Market Trend Data show a month-on-month rise in house prices of 1.5%.

The average house price in England and Wales is now £167,063.

Last month’s rise means there has been an annual price increase of 3.4%.

Repossession volumes decreased by 28% in July 2013, with a total of 1,187 repossessions in England and Wales.

The Land Registry said the South East tops the table of regional applications with 290,300 in September.

There were over 77,450 residential properties in England and Wales lodged for registration in September ranging from £10,000 to £15,550,000.