The housing prices in England and Wales increased by 0.1% in May compared with the previous month, the official Land Registry figures have shown.

House prices increasing in England and WalesAfter the frictional rise, the average house price in England and Wales has been propelled to £161,969.

The figures also show an annual price increase of 5% and that the repossession volumes decreased by 27% in March 2013 to 1,448 compared with 1,981 in the same month a year ago.

Over the last 12 months, the greatest increase in average property value was experienced by London, where prices rose by 5%. The East Midlands region recorded the greatest monthly rise with an increase of 2%.

The region with the most significant monthly price decrease was East England at  0.7% while Yorkshire and The Humber saw the greatest annual price fall with a decrease of 2.2%.

The number of completed housing sales in England and Wales declined by 15% to 52,090 in March 2013, compared with 61,334 a year earlier, the most up-to-date available figures showed.

Between March 2012 and March 2013, almost all the regions in England and Wales saw a decrease in repossession. North East was the region with a significant decrease of repossessions, which dropped by 39% in March this year compared with March 2012.

The managing director of Phoebus Software – Paul Hunt – said that despite a row of economic barriers which have blocked the route to a full recovery, the escalation in house prices shows that the mortgage market is performing magnificently.

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