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Highest monthly house prices in the North East

The Land Registry has revealed that the North East recorded the highest monthly house price rise across England and Wales in November - with a 2.4% increase during the month.

On a year-on-year basis, the region has also seen the biggest fall, with a 2.9% drop taking average prices to £98,304.

Across England and Wales, house prices increased by 0.3% month-on-month in November to reach £161,490, pushing them 0.9% higher than a year earlier, the Land Registry said.

But sales were more sluggish, with 57,971 transactions taking place between June and September 2012, representing a drop of around 7% on the same period in 2011.

"Rising national house prices will provide cheer for homeowners who have seen their equity dwindle since the initial credit crunch, but the falling number of moves taking place highlights the topsy-turvy nature of last year's housing market.

Even as late as September, the market was struggling to come to terms with distractions earlier in the summer, which hampered the number of buyers in a position to finalise moves in the month.

But recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013."

– Peter Rollings, CEO of estate agent Marsh & Parsons