LONDON, Sept. 19 (Xinhua) -- House prices in England have risen by an average 3 percent in the past year, taking the average property value to 328,071 U.S. dollars, official figures revealed Wednesday.
The latest data from the Land Registry shows that on average house prices in England rose by 1.2 percent compared with June 2018.
London remains the most expensive place for house buyers even though in the year to July, 2018 prices in the capital were on average 0.7 percent less than a year earlier.
The average cost of a property in London is now 640,000 U.S. dollars, figures from the Land Registry revealed. The figure for July 2018 is 0.6 percent higher than the previous month.
In London the most up-to-date Land Registry sales figures available show there were 5,861 house sales in May, a 25.6 percent drop compared to the same month in 2017.
England's south east comes in second place for the highest prices, with on average a house now costing 431,518 U.S. dollars.
Between June and July property prices in the south east, which takes in large areas of London's commuter belt, rose by 0.4 percent.
That compares with the region of England, the North East, with the lowest average house prices of 174,000 U.S. dollars.
The biggest price rise in the past year has been in detached houses, which now cost an average just under 500,000 U.S. dollars, a 4.7 percent increase compared with a year earlier.
In London the cost of a detached house has risen by 3 percent between July 2017 and July 2018, taking the cost to 1,227,052 U.S. dollars.
The most up-to-date Land Registry sales figures available for England show the number of completed house sales in England in May was 69,176, a fall of 16.1 percent compared to the same month in 2017.
In London the most up-to-date Land Registry sales figures available show there were 5,861 house sales in May, a 25.6 percent drop compared to the same month in 2017.
In Wales figures for July show that on average house prices have fallen by 0.2 percent compared to June 2018. But the annual price rise of 4.2 percent compared to July 2017, has taken the average property value to 208,000 U.S. dollars.
