The January Market Trend Data from Land Registry shows an annual price increase of 6.7%.

This takes the average property value in England and Wales to £179,492 compared with the peak of £181,101 in November 2007. House prices are up 1.3% since December.

On a regional level, London experienced the greatest increase in its average property value over the last 12 months with a movement of 12%. The North West experienced the greatest monthly rise with a movement of 2.6%, while the North East saw the lowest annual price growth with a movement of 0.1%.

The number of completed house sales in England & Wales fell by 19% to 68,107 compared with 83,726 in November 2013, while the number of properties sold in England and Wales for over £1 million decreased by 18% to 869 from 1,060 a year earlier.

Repossession volumes in England and Wales fell by 47% to 687 compared with 1,286 in November 2013 and London was the region with the greatest fall in repossession sales.