Number of Properties Sold for more than £1m plunges 41 per Cent while London house prices continue to rise fastest in UK.

Property prices have increased 0.5 per cent in the month of May, taking average house prices in England and Wales to £161,677, data from Land Registry have revealed.

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London, unsurprisingly, with a movement of 7.7 per cent.

London also experienced the greatest monthly rise with an increase of 2.6 per cent.

Yorkshire & the Humber experienced the greatest annual price fall with a decrease of 3.9 per cent. The north east saw the most significant monthly price fall with a decrease of 1.9 per cent.
In addition, the most up-to-date figures available show that during March 2012, the number of completed house sales in England and Wales increased by 25 per cent to 58,609 compared with 46,742 in March 2011.

The number of properties sold in England and Wales for over £1m in March 2012 decreased by 41 per cent to 501 from 845 in March 2011.

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