The increase brought the average house price in England and Wales to £162,080 – a figure close to Nationwide’s December figure of £162,262 for the UK as a whole and slightly lower than Halifax’s UK-wide figure of £163,845.
SPF Private Clients chief executive Mark Harris said: “December property prices edged higher, helping push the annual average figure into positive territory. However, the national average masks significant regional differences, with prices falling in parts of the country and London continuing to outperform the rest. We expect this situation to continue this year.”
Londoners saw prices increase by 8.4% over the twelve months to December, according to the index, while the North West saw the greatest fall with a decrease of 3.5%.
The number of properties sold in England and Wales for over £1m in October 2012 increased by 14% year on year, other Land Registry data showed. All regions saw a decrease in repossessions over the same period.
