Average house prices in Devon are on the verge of passing the £200,000-mark after the latest figures showed homes in the county increased nearly 10 per cent in the last year.

The latest information released by the Land Registry show the average cost of a home in Devon now stands at £197,341, while the figure for Cornwall is £190,265.

According to the House Prices Index, released on the 20th working day of every month, house prices in Devon are up 9.1 per cent on the same time last year.

In Cornwall, buyers in June this year are paying an average of 7.8 per cent more than they would have 12 months earlier. That figure is below the national average increase of 8.4 per cent.

But property experts have said the "headline figures" do not tell the full story of the housing market in the Westcountry.

Richard Copus, Devon branch spokesman for the National Association of Estate Agents, said: "I expect we are around the £200,000-mark in Devon but we have to treat these figures with caution.

"In Plymouth I would agree that house prices have shot up by about 10 per cent, but in small towns such as Newton Abbot, it's closer to 4 per cent. However, because about a quarter of the properties sold in Devon are in Plymouth, it slants the picture a little.

"Don't forget we're working with figures which are about five months out of date. Once the contracts have been exchanged, once the deal has been done and the figure passed on to the Land Registry, we're looking at figures which are already old."

Tim Jones, property developer and chairman of the Devon and Cornwall Business Council, said he was surprised to see Cornwall's house prices increases at 7.8 per cent, lower than the national average.

He said: "We need to be careful with these figures. I cannot imagine there is a great deal of difference between Devon and Cornwall. If they are to be believed, and the rate of the house price increase is constant, I expect Devon will pass the £200,000-mark within the next six months, if it hasn't already.

"I think we have a shortage of supply at the moment, which obviously has its own impact on the market."

According to the figures, national house prices are now around the same levels as they were in the summer of 2006.

All regions in England and Wales experienced increases in their average property values over the last 12 months.

The most up-to-date figures show during April 2010, the number of completed house sales in England and Wales rose by 26 per cent to 49,323 from 39,280 in April 2009.

A separate forecast published earlier this month suggested house prices might not reach the levels seen at the peak of the market for another decade.