December house prices were up 1.1% on the previous month, the Land Registry has revealed.

The average house price in England and Wales is now £167,353, it said.

The December data from Land Registry’s House Price Index shows an annual price increase of 4.4%.

Meanwhile, repossession volumes decreased by 31% in October 2013 to 1,129 compared with 1,636 in October 2012.

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 11.2%. London also experienced the greatest monthly rise with a movement of 2.6%.

The only region with an annual price fall is the North East with a decrease of 0.1%, while Yorkshire & The Humber saw the most significant monthly price fall with a movement of -1.2%.

The most up-to-date figures available show that during October 2013 the number of completed house sales in England &
Wales increased by 21% to 71,929 compared with 59,213 in October 2012.

The number of properties sold in England and Wales for over £1 million in October 2013 increased by 40% to 913 from 651 in October 2012.

The regions with the greatest fall in the number of repossession sales were the East Midlands and the South West.