The number of properties sold in England and Wales for over £1 million has increased by 67% between May 2009 and May 2010 - from 255 to 426.

Overall, property sales are also rising with the most up-to-date figures available showing that during May, the number of completed house sales in England and Wales rose by 8% to 49,412 from 45,814 in May 2009.

It also appears that property values have stabilised and last month even showed a small rise - with London houses topping the poll.

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The July data from Land Registry's flagship House Price Index shows an annual price increase of 6.7%, which takes the average property value in England and Wales to £166,798.

The monthly change from June to July is an increase of 0.4%.

Nine 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 12.1%.

However, the region with the greatest annual price fall is the North East with a movement of -1.4%.

The South West experienced the greatest monthly rise with a movement of 2.2%.

Wales experienced the most significant monthly price fall with a movement of -1.1%.

(BMcC/GK)