Latest Land Registry figures of more than 78,100 residential property sales in England and Wales in November 2013 show that the most expensive sale during the month was in Kensington and Chelsea where a property sold for £14,850,000. The cheapest sale was located in Sunderland at £10,000.
Overall, November house prices were up 0.1 per cent compared to October, with the average house price in England and Wales worth £165,411, although other property indices suggest the figure is much higher.
The report also reveals that there were 1,036 repossessions in England & Wales during September 2013, a drop of around a quarter over the same period last year.
Unsurprisingly, the region in England and Wales which experienced the greatest increase in its average property value over the last 12 months was London with a jump 10.6 per cent.During September 2013 the number of completed house sales in England & Wales increased by 24 per cent to 65,378 compared to September 2012 while the number of properties soldfor over £1 million in September 2013 increased by 60 per cent to 1,020.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: "With funding more readily available than at any time in the past five years, many buyers are finally able to realise their property-ownership dream. This surge in demand is pushing up prices, particularly in London, where supply is already limited. Gazumping and sealed bids are becoming commonplace as relatively ordinary properties fetch a premium. Many buyers are worried that if they don't take the plunge now, they will be priced out further.
"Repossessions continue to fall although the fact that any borrowers are struggling when interest rates are at historic lows is telling. The high cost of living and failure of incomes to keep pace means some homeowners are getting into difficulty. While lenders need to continue to show forbearance, the government also needs to ensure that safety nets are in place to help the most vulnerable."