The Land Registry says the average price of homes across England and Wales remain below the pre-downturn peak recorded in November 2007.
It says the annual price increase of 4.6 per cent over the 12 months to May 2015 takes the average property value in England and Wales to £179,696 compared with the peak of £180,990 in November 2007.
London and the South East experienced the greatest increase in their average property value over the last 12 months, both with a movement of 9.1 per cent. The East and North East of England experienced the greatest monthly rise, both with a movement of 1.6 per cent.
Wales saw the only annual price fall with a decrease of 0.6 per cent. Wales also saw the largest monthly price decrease with a fall of 1.7 per cent.
The number of completed house sales in England & Wales decreased by 12 per cent to 59,311 compared with 67,321 in March 2014; the number of properties sold in England and Wales for over £1m decreased by six per cent to 842 from 893 a year earlier.
The Land Registry’s Price Paid Data includes details of over 62,100 residential property sales in England and Wales lodged for registration in May 2015. The most expensive sale that month was in London SW3 (£10,050,000); the cheapest sale was in Copeland, Cumbria (£10,000).