House prices have increased by more than 22 per cent in England and Wales during the past year, figures showed today.

The Land Registry said prices were 22.24 per cent higher during the final three months of 2002 than they had been in the same period the previous year.

The average cost of a home is now £145,251.

The biggest price increases were seen in the East Midlands, where the average cost of a home rose by 28.2 per cent followed by the South West at 28 per cent, pushing the average cost of a home in the region up to £157,043.

But at the other end of the scale Greater London had the smallest increase of 18.8 per cent, leaving the average home there costing £241,838, while in the North prices rose 20 per cent to £82,940.

In East Anglia prices increased by 23 per cent, while in the North West they were up 21 per cent.