House prices rise by 3.2pc annually

The average monthly change from October to November 2013 showed an increase of 0.1%.

Repossession volumes decreased by 23% in September 2013 to 1,036 compared with 1,337 in September 2012.

Not surprisingly the region in England and Wales which experienced the greatest increase in its average property value over the past 12 months was 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 was the North East with a decrease of 1.6%.

The East saw the most significant monthly price fall with a movement of -0.7%.

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