The Press Association: London shows house price increase

The Press Association: London shows house price increase
House prices in England and Wales increased in May, with London experiencing the highest increase in its average property value, official figures have shown.
The Land Registry said average house prices in May in England and Wales increased 0.5% month-on-month to £161,677.
The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 7.7%. The capital also experienced the greatest monthly rise - an increase of 2.6%.
Yorkshire & The Humber experienced the greatest annual price fall with a decrease of 3.9%. The North East saw the most significant monthly price fall - a drop of 1.9%.
The most up-to-date figures available show that during March 2012, the number of completed house sales in England and Wales increased by 25% to 58,609 compared with 46,742 in March 2011.
But sales of top-end homes plunged by 40% as the Chancellor introduced a stamp duty hike on properties worth more than £2 million.