UK property prices up again in November to take annual rise to 3.2%, official data shows

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January 1, 2014 1:45 AM EST

The average price of a property in England and Wales increased by 3.2% on an annual basis in November, according to the latest Land Registry's House Price Index published today (Tuesday 30 December).

It means that the average property value in England and Wales is now £165,411 with prices up 0.1% compared with the previous month.

The data also shows that repossession volumes decreased by 23% in September 2013 to 1,036 compared with 1,337 in September 2012. The region with the greatest fall in the number of repossession sales was the South East where repossessions dropped by 39%.

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%. London 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% and the East saw the most significant monthly price fall with prices down 0.7%.

The most up to date figures available show that during September 2013 the number of completed house sales in England and Wales increased by 24% to 65,378 compared with 52,870 in September 2012.

The number of properties sold in England and Wales for over £1 million in September 2013 increased by 60% to 1,020 from 639 in September 2012.

According to Peter Rollings, chief executive officer of Marsh & Parsons, said the data means that 2013 certainly ends on a high for residential property with house prices continuing their steady ascent, after a strong year of slowly rising property values.

‘The past 12 months have seen a revival in market confidence, along with a new influx of first time buyers, buoyed by record low interest rates, and the Help to Buy scheme which has eased lending conditions,’ he explained.

‘But looking at the wider picture, the recovery is still patchy across the country, with an annual price fall in the North East reminding us that we still have a long way to go. Overall it is the London property market which is really blazing the trail, with 10.6% annual growth in house prices greatly outperforming other regions far and wide at more than triple the nationwide average price growth,’ he pointed out.

He added that in exclusive prime London postcodes, the combination of low supply and fierce demand is distorting prices even further, pushing half of all homes over the £1million price tag.

‘This rate of growth is unlikely to slow down as we move into 2014, but after a strong start to the New Year we expect prices to stabilise to a more orderly annual rise of 5 to 7% over the next 12 months,’ he concluded.

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This article is copyrighted by Property Wire - Premier global property news service

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