The June data from Land Registry’s House Price Index shows an annual price increase of 6.4%, which takes the average property value in England and Wales to £172,011.

There is no monthly change from May to June. Repossession volumes decreased by 30 per cent in April 2014 to 898 compared with 1,285 in April 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 16.4%. Meanwhile, West Midlands experienced the greatest monthly rise with a movement of 1.9%. The North East saw the lowest annual price growth with a movement of 0.8%.

Yorkshire & The Humber saw the most significant monthly price fall of 1.3%.

The most up-to-date figures available show that during April 2014 the number of completed house sales in England & Wales increased by 31% to 66,659 compared with 51,022 in April 2013.

The number of properties sold in England and Wales for over £1 million in April 2014 increased by 39 per cent to 1,028 from 740 in April 2013.