England and Wales average house price tops £160,000

The average house price in England and Wales has risen to £161,665 (€235,392), up 10.62%, over the last year.

According to the Land Registry's quarterly residential property report, published today, the North saw the biggest increase with prices up an average 24% at almost £100,000 (€145,605), compared to £80,000 (€116,478) last year.

Wales and the east Midlands saw house prices jump more 20%.

In the greater London area the average house price is now over a quarter of a million, at £262,044 (€381,550).

The report is based on all properties registered during a three-month period.

It is legally compulsory that every property bought must be registered, and therefore the report is considered the most reliable of the house price indices.