The price of residential property has edged up with the capital seeing the biggest increases in value over the last year, figures released today show.
According to the Land Registry's monthly market trend data for January 2016, the average price of residential property in England and Wales rose by 7.1 per cent over a year and by 2.5 per cent since December 2015 to £191,812.
The number of completed sales in the year to November 2014, which is the most up-to-date data the Registry has available, dropped by two per cent to 72,167 compared with 73,282 the year before.
Average property value in London, meanwhile, has shot up by 13.9 per cent over the last year, making it the region with the largest level of annual growth, and by 2.8 per cent since December 2015 to £530,409.
However, on a monthly basis, Wales outpaced the capital, as house prices there have increased by 3.7 per cent since last December.