Fresh evidence of UK house price recovery

House prices in England and Wales rebounded at the fastest rate for five years in July, Land Registry figures show.

In the latest sign the property market may be perking up after almost two years of declines, prices rose 1.7% last month, the biggest jump since July 2004.

The third consecutive positive month saw the average price of a home at £155,885 with all regions seeing property prices increase.

But year-on-year, house prices nationwide were still 11.7% lower than in July 2008.

The North East experienced the greatest annual decline, down 13.2%, while Wales was least affected, with property prices off 8.3% since last year.

Wales also saw the biggest house price rise in the month, up 3.1% compared with June.

The Land Registry records completed home sales in England and Wales and therefore its analysis is considered a reliable indicator of how the property market is faring.