London's property market is continuing to drive house prices in England and Wales, figures from the Land Registry's latest monthly index suggest.

The average London property cost £338,950 in June, figures show, representing an annual rise of 15.8 per cent and confirming that demand is still strong in the nation's capital.

Within London, Kensington and Chelsea experienced the highest monthly price increase - with properties in the borough increasing in value by an average of 2.2 per cent - as well as the highest annual price increase, with a rise of 25.7 per cent.

The average house price in England and Wales, meanwhile, stands at £181,038, bringing the annual change in house prices to 9.1 per cent.

However, the monthly increase was less substantial than the previous month, with property prices across England and Wales rising by 0.4 per cent in June compared to 0.7 per cent in May.

The Land Registry also noted that the number of properties valued in excess of £1 million has risen substantially.

"The number of properties sold in England and Wales for over £1 million increased 28 per cent between April 2006 and April 2007, from 402 to 514," it revealed.

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Author:  Joanne McCabe

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