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 6.3%. The average price of property in the capital is £385,799 in comparison with the average for England and Wales of £164,098.
In London the borough with the highest annual price rise is Lambeth, with an increase of 11.4% while Islington experienced the highest monthly increase, up 2.3%. Newham saw the least significant annual growth at 0.7% and Barking and Dagenham saw the greatest monthly price fall, down 1.5%.
Both London and the Midlands experienced the greatest monthly rise with an increase of 2.1%, while the North East also saw the most significant monthly price fall with a decrease of 0.5%.
The metropolitan district with the largest annual price increase is Birmingham, rising by 2.6% and Rochdale experienced the highest monthly price rise, with an increase of 2.2%.
Sandwell saw the most significant annual price fall, down 6.1% and Sandwell also saw the greatest monthly price fall with a decline in prices of 2.1%.
The region with the greatest annual price fall is Wales with a decrease of 2.2%. Powys in Wales saw the greatest annual price fall with a fall of 14.6%.
But on a monthly basis the Isle of Anglesey experienced the strongest monthly growth with an increase of 2.9% while Blaenau Gwent saw the most significant monthly price fall with a drop of 5.9%.
The most up to date figures available show that during May 2013, the number of completed house sales in England and Wales increased by 19% to 62,651 compared with 52,516 in May 2012.
The figures also show that number of properties sold in England and Wales for over £1 million in May 2013 increased by 28% to 740 from 576 in May 2012.
The region with the greatest fall in the number of repossession sales was Yorkshire and the Humber where repossessions dropped by 32% in May 2013 compared to the previous year.
Overall repossession volumes decreased by 23% in May 2013 to 1,365 compared with 1,765 in May 2012.
Paul Smith, chief executive officver of haart estate agent, said that the figures shows that the pace of the property market is up and now is a good time to sell.
'Mark Carney, Governor of the Bank of England, has quelled fears that we are sitting on a volatile property bubble, by indicating that the Bank is ready with a plethora of tools to guard against such a scenario. His additional signal that interest rates are likely to remain the same until late 2016 injects further confidence into the rapidly recovering property market, with lenders able to offer highly advantageous deals for those seeking to step onto the property ladder,' he explained.
'Today’s Land Registry...
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