House prices 'up 1.3 per cent' between June and July
House prices rose 1.3 per cent in July compared with the previous month, new figures have revealed.
According to the latest House Price Index from the Land Registry, the average cost of a property in England and Wales is now £163,049.
This is up from the figure in June, but 2.1 per cent lower than the same month in 2010.
London is the only region to have experienced an increase in its average property value over the last 12 months, increasing by 1.3 per cent.
Prices in the north-east saw the sharpest fall over the year, dropping 8.8 per cent.
Meanwhile, the south-west experienced the greatest monthly rise, at 2.2 per cent, with the north-east again suffering the biggest fall of 2.3 per cent.
The Land Registry went on to point out that the number of completed house sales in England and Wales decreased by ten per cent in May 2011 compared with last year.
Similarly, the number of properties sold for more than £1 million decreased by 44 per cent over the same period.
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