Average house price in England and Wales increased 1% in August to reach £177,824, according to the latest index from the Land Registry.
The data also shows that prices have increased by 8.4% year on year and are now not far from the peak of £181,383 in November 2007.
Overall over 82,600 residential properties in England and Wales lodged for registration in August ranging from £13,000 to £24.5 million.
The biggest price increase was in property in London with a year on year rise of 21.6% and London also experienced the greatest monthly rise with growth of 2.7% in August.
The North East saw the lowest annual price growth with a rise of 3% and both the South West and the North West saw the most significant monthly price fall of 0.1%.
The most up to date figures available show that during June 2014 the number of completed house sales in England and Wales increased by 11% to 73,158 compared with 66,123 in June 2013.
The number of properties sold in England and Wales for over £1 million in June 2014 increased by 34% to 1,135 from 848 in June 2013.
Jonathan Hudson of West End estate agent Hudsons Property, pointed out that while London is well beyond the average price in 2007, it is interesting to see the rest of the country is almost there too.
‘However, with London and the South East making up the majority of the average prices, it shows some parts of the UK are someway adrift, still more so than this figure suggests,’ he explained.
‘The annual 8.4% increase in August will be from transactions agreed a few months earlier, so it will be interesting to see how these figures match up in a few months’ time, due to a drop in buyers in the last quarter compared to the recent boom years,’ he added.
He also pointed out that while some areas in the UK are still struggling with regards to getting close to the average price of 2007, with the economy moving in the right direction, and with stricter lending, hopefully repossessions will decrease further,’ he said.