The Land Registry is claiming that the average price of homes across England and Wales remains below the pre-downturn peak recorded back in November of 2007.
The annual price increase of 4.6% over the 12 months to May 2015, takes the average property value in England and Wales to £179,696 compared with its highest 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 measure of 9.1%. The East and North East of England experienced the greatest monthly rise, both with a measure of 1.6%.
Wales saw the only annual price fall with a decrease of 0.6%. Wales also saw the largest monthly price decrease with a fall of 1.7%.
The number of completed house sales in England & Wales decreased by 12% to 59,311 compared with 67,321 in March 2014; the number of properties sold in England and Wales for over £1m decreased by 6% 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 for registration in May 2015. The most expensive sale that month was in London SW3 (£10,050,000) and the cheapest sale was in Copeland, Cumbria (£10,000).