The Land Registry has reported an annual house price increase of 0.9% in March.
This takes the average property value in England and Wales to £161,793. The monthly change from February to March shows an increase of 0.1%. Repossession volumes decreased by 18% in January 2013 to 1,317 compared with 1,602 in January 2012.
The March data from Land Registry’s House Price Index also found 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 9.6%.
London also experienced the greatest monthly rise with a movement of 2.5%.
The region with the greatest annual price fall is the North East with a decrease of 5.5%. Meanwhile, the North West saw the most significant monthly price fall with a decrease of 2.5%.
The most up-to-date figures available show that during January 2013, the number of completed house sales in England and Wales decreased by 5% to 41,763 compared with 43,752 in January 2012.
The number of properties sold in England and Wales for over £1 million in January 2013 increased by 28% to 610 from 476 in January 2012.
London and Wales were the only regions to see an increase in repossessions of 28% and 24% respectively (January 2013 compared with January 2012).