RTTNews - House prices in England and Wales rose the most since 2004 on a monthly basis in July, the Land Registry said Friday.

The house price index rose 1.7% month-on-month, the biggest monthly gain since July 2004. The average house price in England and Wales was GBP 155,885. Every region recorded a monthly rise in prices.

However, compared to the previous year, the house price index plunged 11.7%. But, the pace of fall eased from a 13.8% decline recorded in June.

Sales volume averaged 35,848 per month from February to May 2009. A year ago, the number was 61,743 during the same months.

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