Its data show house prices increased by 0.3% between October and November and ended the month 0.9% higher than November 2011. The average property value in England and Wales now stands at £161,490.

The rise in house prices was largely driven by increases in London which has seen a 5.9% increase in house prices over the last 12 months.

The most up-to-date figures available show that during September 2012, the number of completed house sales in England and Wales fell by 21% to 50,517 compared with 63,552 in September 2011.

Jonathan Hopper, managing director of the property search consultants, Garrington, commented:

“Regional disparities and price volatility defined 2012 and are once again apparent in the November data.

“For prices to have grown by 0.9% over the year underlines the resilience of the property market.

“What’s resoundingly clear is that the South is in a far stronger position than the North and Wales. This trend looks set to continue as we move into 2013. “Given what we have just been through, specifically the double dip recession, UK prices overall have stood up fairly well.

“December was a surprisingly strong month in terms of both transactions and new enquiries and should be a good springboard for activity in January.

“The Funding for Lending scheme is certainly starting to have a beneficial effect on the market, as rates come down even at higher LTVs.

“Prices will remain volatile due to low transaction levels but they will not collapse. Clearly, there is the potential for a Black Swan Event in Europe but barring that, I would say the worst is behind us.

“The capital, driven by its prime and super-prime boroughs, remains in a league of its own and if it weren’t for London, average UK prices would be a lot lower.”