April house prices have increased 1.5% since March 2014 and 6.7% on April 2013, according to the latest figures from the Land Registry. This means that the average house price in England and Wal...

April house prices have increased 1.5% since March 2014 and 6.7% on April 2013, according to the latest figures from the Land Registry. This means that the average house price in England and Wales now stands at £172,069, compared with the peak of £181,572 in November 2007.

Repossession volumes decreased by 33% in February 2014 to 936 compared with 1,387 in February 2013.

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 17%. London also experienced the greatest monthly rise with a movement of 4.2%.

The North East saw the lowest annual price growth with a movement of 2.9%, and also experienced the only monthly price fall of 1.9%.

The most up-to-date figures available show that during February 2014 the number of completed house sales in England & Wales increased by 38% to 62,368 compared with 45,236 in February 2013.

Alex Gosling managing director, online estate agents Housesimple, said: "London house price growth sticks out like a giant sore thumb - up 17% in a year and a staggering 4.2% in April since March. "Price growth across England and Wales is still a significant 6.7% in the past 12 months and 1.5% between March and April, but it's the overheating London market that will be raising concerns of a property bust if growth can't be contained. The capital is in dangerous double digit growth territory right now and eventually buyers are simply going to say enough is enough. Tougher mortgage affordability rules introduced in April may cool the housing market overall but how much impact that will have on the London market is negligible. "There is enough buyer interest in the capital to sustain market growth for some time yet, and buyers are still happy to pay what they need to pay to secure a property. Our figures show, that since the start of the year more than a third of London properties have sold above asking price. With a lack of new stock coming onto the market, buyers are bidding against each other because they're desperate not to miss out. "For the UK as a whole, stock is still not at sufficient levels to meet all buyer demand. Sellers are either not in a rush to put their houses on the market as they look to cash in on rising property prices, or they're simply not in a position to sell. Unlike London, which is a law unto itself, for many parts of the country the recession hit property prices like a car hitting a brick wall. Despite prices recovering strongly, that has simply dragged many homeowners out of a negative equity position, and not into a position to move up the property ladder."