The Land Registry has reported an annual price increase of 5.1% in April, which takes the average property value in England and Wales to £179,817 compared with the peak of £181,014 in November 2007.

House prices are up 0.9% since March.

On a regional basis London experienced the greatest increase in its average property value over the last 12 months with a movement of 10.9%,while Yorkshire and The Humber experienced the greatest monthly rise with a movement of 2.7%.

The North East saw the only annual price fall with a decrease of 0.6% and Wales saw the largest monthly price decrease with a fall of 1.1%.

The Land Registry also reported that the number of completed house sales in England & Wales decreased by 17% to 54,103 compared with 64,994 in February 2014. The number of properties sold in England and Wales for over £1 million decreased by 18% to 722 from 882 a year earlier.

Repossessions in England and Wales decreased by 37% to 638 compared with 1,016 in February 2014, while Iin London, South East and Yorkshire and The Humber, repossession sales fell by 45%.