The January data from Land Registry’s House Price Index shows an annual price increase of 1.0% which takes the average property value in England and Wales to £162,441.
The monthly change from December to January is an increase of 1.0%. Repossession volumes decreased by 11% in November 2012 to 1,589 compared with 1,777 in November 2011.
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 7.1%. London also experienced the greatest monthly rise with an increase of 2.5%.
The North West experienced the greatest annual price fall with a decrease of 4.2%. The North West also saw the most significant monthly price fall with a decrease of 1.9%.
The most up-to-date figures available show that during November 2012, the number of completed house sales in England and Wales increased by 1% to 61,091 compared with 60,369 in November 2011.
The number of properties sold in England and Wales for over £1 million in November 2012 increased by 19% to 657 from 554 in November 2011.
The only region to see an increase in repossessions is Wales with an annual increase of 21% (November 2012 compared with November 2011).
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “January property prices edged higher, according to the Land Registry, offsetting more negative lending figures from the Council of Mortgage Lenders and British Bankers Association for the same month.
“However, the national average masks significant regional differences, with prices falling in parts of the country and London continuing to outstrip the rest. We expect this situation to continue throughout this year.
“On the lending front, the picture is increasingly positive with some of the cheapest mortgages ever seen. Lenders continue to cut rates and offer more choice at higher loan-to-values as well, which is boosting the number of first-time buyers.
“There was a welcome drop in the number of repossessions in November 2012 compared with the same month a year ago but any repossession is one too many. It is also worrying that so many homeowners can still be repossessed while interest rates are at historic lows. More needs to be done, and lenders need to continue to show forbearance towards borrowers.”