House prices in England and Wales up in July

The latest figures from Land Registry show that all regions experienced a positive monthly change in their average property values. The July increase of 1.7 per cent in England and Wales is the strongest monthly growth since July 2004 and the third month in a row with a positive movement. The annual drop of 11.7 per cent takes the average house price to £155,885.

Wales experienced the greatest monthly rise with a movement of 3.1 per cent and an average property value of £123,122.

All regions experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the North East with a movement of -13.2 per cent.

Luton experienced the greatest annual price fall with a drop of 22.5 per cent.

The most up-to-date figures available show that during May 2009 the number of completed house sales in England and Wales fell by 34 per cent to 42,699 from 65,023 in May 2008.