July house prices were up 0.8% on the previous month, according to July Market Trend Data from Land Registry.

The average house price in England and Wales is now £162,900, while the South East tops the table of regional applications with 263,214 in July.

Over 62,000 residential properties in England and Wales were lodged for registration last month,.

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 6.5%. London also experienced the greatest monthly rise with an increase of 2.7%.

The North West experienced the greatest annual price fall with a decrease of 3.9%, while the North East saw the most significant monthly price fall with a decrease of 2.1%.

The most up-to-date figures available show that during May 2012, the number of completed house sales in England and Wales increased by 2% to 50,083 compared with 48,974 in May 2011.

The number of properties sold in England and Wales for over £1 million in May 2012 increased by 107% to 562 from 271 in May 2011.