UK House prices increase to an average of £162,621

The June data from Land Registry's House Price Index shows an annual price increase of 0.8 per cent which takes the average property value in England and Wales to £162,621.
 The monthly change from May to June shows an increase of 0.6 per cent. Repossession volumes decreased by 26 per cent in April 2013 to 1,185 compared with 1,599 in April 2012. 
• The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 6.9 per cent. 
• London also experienced the greatest monthly rise with a movement of 3.1 per cent. 
• The region with the greatest annual price fall is the North East with a decrease of 3.8 per cent.
• The North East also saw the most significant monthly price fall with a decrease of 2.2 per cent.
• The most up-to-date figures available show that during April 2013, the number of completed house sales in England and Wales increased by 12 per cent to 48,367 compared with 43,252 in April 2012. 
• The number of properties sold in England and Wales for over £1 million in April 2013 increased by 45 per cent to 703 from 484 in April 2012. 
• The West Midlands was the only region to see an increase (8 per cent) in repossession sales between April 2012 and April 2013. The region with the greatest fall in the number of repossession sales was London where repossessions dropped by 37 per cent (April 2013 compared with April 2012).
The most expensive sale in June 2013 was of a property located in central London which sold for £12,250,000. The cheapest sale in June 2013 is located in Accrington, Lancashire and sold for £13,000. 

David Newnes, Director of LSL Property Services and Owners of Your Move and Reeds Rains said: “Momentum is growing in the housing market. The first time buyer market is showing it is ready to bounce back after a tough past couple of years, and the market is no longer dominated by equity rich buyers. Improved confidence – both among lenders and buyers – and a limited supply of properties is driving up values, plus the new government schemes have given the whole market a boost. The availability of cheaper mortgages has improved significantly in the last few months allowing banks to access cheaper credit and enabling them to loosen the purse strings on higher LTV mortgages. Even though first time buyer activity is lagging far behind its pre-2008 levels, there are good signs that progress is being made. The first-time buyer market is thawing, and that will energise the whole property chain, which will keep house prices moving steadily up as long as house building remains low.  We expect more lower income buyers to flock to the market and this will help stimulate growth across the board.”