London registered the greatest increase in average property value over the last 12 months in October, data released on Friday showed.

According to the Land Registry, prices in the capital grew 10.6% year-on-year and 1.8% month-on-month to an average price £503,431.

Meanwhile prices in England and Wales increased 5.6% on the year and 0.4% month-on-month, bringing the average property value to £186,350.

The North East experienced the greatest monthly growth, as prices grew 1.9%, while Yorkshire and The Humber reported the lowest annual price of growth with an increase of 1.4% and the biggest monthly decline with a 1.8% fall.

“Housing market activity seems likely to be supported by largely helpful fundamentals, notably including overall increased earnings growth, high and rising employment, relatively elevated consumer confidence and still very low mortgage interest rates,” said Howard Archer, chief UK and European Economist at IHS Global Insight.

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