By Claire West

The July data from Land Registry's flagship House Price Index shows an annual price increase of 6.7 per cent which takes the average property value in England and Wales to £166,798. The monthly change from June to July is an increase of 0.4 per cent.

Nine regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 12.1 per cent. The region with the greatest annual price fall is the North East with a movement of -1.4 per cent. The South West experienced the greatest monthly rise with a movement of 2.2 per cent. Wales experienced the most significant monthly price fall with a movement of -1.1 per cent.

The most up-to-date figures available show that during May 2010, the number of completed house sales in England and Wales rose by eight per cent to 49,412 from 45,814 in May 2009. The number of properties sold in England and Wales for over £1 million increased by 67 per cent between May 2009 and May 2010, from 255 to 426.