House prices up for first time in 18 months

House prices have experienced their first monthly rise since January 2008, according to the latest figures from the Land Registry.

London experienced the greatest monthly rise of 2%, bringing average property prices to £301,859.

The figures show the average price of a house in England and Wales is now £153,046, an annual drop of 14%.

All regions in England and Wales have experienced a decrease in their average property values over the last 12 months.

The region with the most significant annual price fall was the North East, with a decline of 15.9%. Luton experienced the greatest annual price fall with a drop of 23%.

Keshav Thukaram, managing director of landlord property services website Smartlandlord.co.uk, says: "Although the Land Registry figures always lag behind the market by their nature, based as they are on completed transactions, they hint at further increases in transaction levels.

"Our experience is that most investors take a long-term view of the housing markets, however, and property is still a pretty good investment option compared to alternatives."