The August data from Land Registry's House Price Index shows an annual price increase of 6.7 per cent which takes the average property value in England and Wales to £167,423.
The monthly change from July to August is an increase of 0.3 per cent.
All regions in England and Wales experienced increases in their average property values over the last 12 months.
The region with the highest annual price change is London with an increase of 11.4 per cent. The region with the smallest annual price rise is the North East with a movement of 1.6 per cent. The West Midlands experienced the greatest monthly rise with an increase of 1.2 per cent. Yorkshire and The Humber experienced the most significant monthly price fall with a movement of -1.4 per cent.
The most up-to-date figures available show that during June 2010, the number of completed house sales in England and Wales rose by nine per cent to 59,390 from 54,710 in June 2009. The number of properties sold in England and Wales for over £1 million increased by 81 per cent between June 2009 and June 2010, from 331 to 599.
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