The monthly change from June to July shows an increase of 1.0%. Repossession volumes decreased by 23% in May 2013 to 1,365 compared with 1,765 in May 2012.
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 6.3%, while both London and the East Midlands experienced the greatest monthly rise with a movement of 2.1%.
Wales saw the most significant monthly and annual price falls with a decrease of 0.5% and 2.2% respectively.
The most up-to-date figures available show that during May 2013, the number of completed house sales in England and Wales increased by 19% to 62,651 compared with 52,516 in May 2012. The number of properties sold in England and Wales for over £1 million in May 2013 increased by 28% to 740 from 576 in May 2012.
The region with the greatest fall in the number of repossession sales was Yorkshire & The Humber where repossessions dropped by 32% (185 in May 2013 compared with 272 in May 2012).
Aldermore's Residential Mortgages Managing Director Charles Haresnape said:
“Land Registry data published today confirms the continued rise in house prices, driven mainly by the South East of England. It is staggering to see that in this region prices are now above pre-crash levels.
“We need to be mindful that Government schemes will fuel these rises further but customer affordability should be a natural break on unsustainability.”
