Further signs of market recovery revealed

For anyone who may have doubted that the UK property market had turned a corner, latest numbers from Land Registry provide further proof for estate agents and buyers and sellers alike.

Its December House Price Index shows an annual price increase of 4.4 per cent which takes the average property value in England and Wales to £167,353.

The monthly change from November to December shows an increase of 1.1 per cent. Repossession volumes decreased by 31 per cent in October 2013 to 1,129 compared with 1,636 in October 2012.

However, once again it appears that London might be skewing the numbers.

Not only was it the location for the most expensive sale – a property for £15 million, London was also the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months with a movement of 11.2 per cent.

London also experienced the greatest monthly rise with a movement of 2.6 per cent.

The only region with an annual price fall was the North East with a decrease of 0.1 per cent.

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