December data from Land Registry's flagship House Price Index shows an annual price increase of 1.7% which takes the average property value in England and Wales to £162,080. The monthly change from November to December is an increase of 0.8%.

Repossession volumes, included for the first time in this month's report, decreased by 16% in October 2012 to 1524 compared with 1805 in the same period a year earlier.

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 8.4%.

London also experienced the greatest monthly rise with an increase of 3.1%. The North West experienced the greatest annual price fall with a decrease of 3.5%. The North West also saw the most significant monthly price fall with a decrease of 0.9%.

The most up-to-date figures available show that during October 2012, the number of completed house sales in England and Wales decreased by 3% to 56,337 compared with 57,988 in October 2011.

The number of properties sold in England and Wales for more than £1million in October 2012 increased by 14% to 623 from 548 in October 2011.

All regions saw a decrease in repossessions between October 2011 and October 2012 ranging from 8% in the South East to 35% in the North East.