The monthly change from November to December shows an increase of 1.1%. Repossession volumes decreased by 31% in October 2013 to 1,129 compared with 1,636 in October 2012.
The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 11.2% - London also experienced the greatest monthly rise with a movement of 2.6%.
The only region with an annual price fall is the North East with a decrease of 0.1%. Yorkshire & The Humber saw the most significant monthly price fall with a movement of -1.2%.
The most up-to-date figures available show that during October 2013 the number of completed house sales in England & Wales increased by 21% to 71,929 compared with 59,213 in October 2012. The number of properties sold in England and Wales for over £1 million in October 2013 increased by 40% to 913 from 651 in October 2012.
The regions with the greatest fall in the number of repossession sales were the East Midlands and the South West.
Peter Rollings, CEO at Marsh & Parsons, comments:
“The UK housing market continues to pick up with prices and sales volumes taking a huge leap forward. Demand is growing, competition is heating up and first-time buyers are rushing back to the market as improved lending conditions stimulate movement at all levels.
“The London market continues to steam ahead faster than the rest of the country, with a 2.6% monthly increase in prices in December as the imbalance of supply and demand pushes prices higher. In January, we recorded 19% more buyers entering the market in competition for 28% fewer properties. However, London is just one slice of a complex industry and we expect a return to more normal market conditions in the spring, as more property becomes available.”
David Brown, commercial director of LSL Property Services, comments:
"House prices haven’t risen this quickly since 2010 – and yet there’s plenty more headroom for further growth. The average home is still worth 8% less than it was in November 2007 – a peak that we’re unlikely to come near until the start of next year at least.
"But volumes are another issue. Properties are coming off the shelves faster than new sellers can be found – and that will have consequences in the medium term. For some aspiring homeowners getting a foothold in such a competitive marketplace is just as difficult as it was a year ago. Economic prospects are improving, and mortgage lending has recovered dramatically – but the resulting stampede is another game entirely.
"Until we can build more homes, much more quickly, this situation won’t change for a large proportion of the population. Tenants struggling to save a deposit are set for another challenging year, but will be able to take some comfort from rents that are now rising even more gradually than on-target inflation."
