The November data from Land Registry’s House Price Index shows an annual price increase of 0.9%.
This takes the average property value in England and Wales to £161,490. The monthly change from October to November is a rise of 0.3%.
The South East saw the most in regional applications with 262,078 in November. Meanwhile, nearly 63,700 residential properties in England and Wales lodged for registration in November ranging from £10,000 to £17 million.
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 5.9%.
The North East experienced the greatest monthly rise with an increase of 2.4%. The North East also experienced the greatest annual price fall with a decrease of 2.9%.
Wales saw the most significant monthly price fall with a decrease of 1.6%.
The most up-to-date figures available show that during September 2012, the number of completed house sales in England and Wales decreased by 21% to 50,517 compared with 63,552 in September 2011.
The number of properties sold in England and Wales for over £1 million in September 2012 decreased by 19% to 613 from 753 in September 2011.
Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), said: “Although the House Price Index shows that completed house sales were considerably lower in September 2012 than at the same time during 2011, data from the MAB National Mortgage Index for October and November 2012 highlights a much stronger performance towards the end of last year.
“Purchase mortgage applications were up by 9% year-on-year in October and 13% in November, giving a really positive indication of growing demand in the market. In fact, October saw more purchase applications than any other month during 2012, and with healthy competition between lenders, we have every reason to expect this positive trend will continue during 2013.
“However, we are yet to see much movement in the average purchase mortgage loan to value (LTV), which stood at 70.7% in November 2012. With average purchase prices and loan values both on the rise, first time buyers in particular will hope to see the current attractive borrowing rates extended to include higher LTV offerings.”
