The monthly change from October to November shows an increase of 0.1%. Repossession volumes decreased by 23% in September 2013 to 1,036 compared to 1,337 in September 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 10.6% - the captial also experienced the greatest monthly rise with a movement of 1.8%. The only region with an annual price fall is the North East with a decrease of 1.6%, although the East saw the most significant monthly price fall with a movememt of -0.7%.
The Price Paid Data includes details of over 78,100 residential property sales in England and Wales lodged for registration in November 2013. The most expensive sale in November 2013 was of a property located in the London borough of Kensington and Chelsea which sold for £14,850,000. The cheapest sale in November 2013 is located in Sunderland Tyne and Wear and sold for £10,000.
Mark Harris, chief executive of mortgage broker SPF Private Clients, says:
"With funding more readily available than at any time in the past five years, many buyers are finally able to realise their property-ownership dream. This surge in demand is pushing up prices, particularly in London, where supply is already limited. Gazumping and sealed bids are becoming commonplace as relatively ordinary properties fetch a premium. Many buyers are worried that if they don't take the plunge now, they will be priced out further.
"There are growing fears of an interest rate rise sooner rather than later but borrowers should not panic. There are still plenty of rock-bottom mortgage deals available, with some particularly good pricing on five-year fixed rates. If you are worried about interest rates rising in the short to medium term, locking in for this length of time at less than 4 or even 3% will provide peace of mind at very competitive pricing.
"Repossessions continue to fall although the fact that any borrowers are struggling when interest rates are at historic lows is telling. The high cost of living and failure of incomes to keep pace means some homeowners are getting into difficulty. While lenders need to continue to show forbearance, the government also needs to ensure that safety nets are in place to help the most vulnerable."
