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House prices top 2007 peak

The average price of a home in England and Wales has risen above the November 2007 market peak, according to the Land Registry.

House prices rose by 1.1% in June to an average of £181,619, compared with the previous 2007 high of £180,983.

House prices have now risen by 5.4% on average for the year to May, and all the 11 major regions have seen values increase on an annual basis.

However, the statistics showed that the number of completed house sales in England and Wales decreased by 19% to 57,180 compared with 70,244 in April 2014.

The number of £1m-plus properties sold in England and Wales decreased by 22% to 874 from 1,114 a year earlier.

alex.peace@estatesgazette.com

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