The Land Registry's monthly review of completed housing market transactions in the UK, published at the end of December, showed that average house prices were up 7.1% year-on-year in November, but the average selling price was down 0.1% compared to October.
The London region experienced the greatest increase in its average property value during 2014, with a rise of 17.4%. At the other end of the scale, the average house purchase in Wales was 1.7% higher than in 2013, the smallest annual rise. The biggest increase was seen in the West Midlands; a rise of 1.7% per month.
The peak for the average UK house price was £181,191 and was recorded in November 2007. The current average UK house price of £176,581 is still some way below this.
The slowing housing market was confirmed by figures from the Nationwide Building Society, which showed an increase of 8.3% for the fourth quarter of the year, compared to a 10.5% increase for the same period in 2013.