The South East topped the table of regional applications with 267,587 in May while over 54,000 residential property sale prices in England and Wales were lodged for registration in May ranging from £10,000 to £28m.
The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 7.7%.
London also experienced the greatest monthly rise with an increase of 2.6%.
Yorkshire & The Humber experienced the greatest annual price fall with a decrease of 3.9%.
North East saw the most significant monthly price fall with a decrease of 1.9%.
The most up to date figures available show that during March 2012 the number of completed house sales in England and Wales increased by 25% to 58,609 compared with 46,742 in March 2011.
The number of properties sold in England and Wales for over £1m in March 2012 decreased by 41% to 501 from 845 in March 2011.
Russell Quirk, founder of low cost online estate agents, eMoov.co.uk, said: "While most of the UK property market succumbs to economic logic, London's continues to defy it.
"The outperformance of the London market has more to do with the capital's perceived status as a hedge than it does with any intrinsic strength.
"While correctly priced properties can fly off the shelves, too many, unfortunately, come to the market overpriced.
"Throw in weak demand and weak-kneed lenders and you have all the ingredients for a stagnant market.
"The first half of 2012 has been indifferent, the second half is teeing up to be much the same.
"Until forward momentum in the economy returns, the property market overall will continue to bump around from one month to the next with no discernible direction.
"Thankfully for homeowners, supply is even weaker than demand, which is preventing prices from falling further."
