Average house prices up 1pc
London experienced the greatest increase in average property value over the last 12 months and was up 7.1%. It also experienced the greatest monthly rise with an increase of 2.5%.
The largest annual price drop was in the North West which decreased by 4.2% and also reported the most significant monthly price fall of 1.9%.
The report also revealed that during November 2012 the number of completed house sales in England and Wales rose by 1% to 61,091 from 60,369 in 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.”
In terms of repossessions the report revealed that there were 1,589 repossessions in England and Wales during November 2012. The only region to see an increase in repossessions is Wales with an annual increase of 21%.
Harris added: “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.”