House prices in England and Wales rose in December 2013, with the average price now at a new record of £240,134, an annual change of 5.2% and a 0.6% increase on November 2013 according to LSL Property Services.

The West Midlands recorded the second highest regional price growth, in the year to November 2013, after Greater London with a 4.3% annual rise and average house price of £177,300 compared to the 9.3% rise and average price of £472,166 recorded in London.

Richard Sexton, director of e.surv chartered surveyors, part of LSL Property Services, said: “As we step into 2014, the recovery of the property market shows no sign of slowing down, with buyer demand growing swiftly and competition rising. Average prices reached a new record high in December after a yearly increase of £11,920, the highest since 2007, along with a monthly increase of £1,489. Without doubt, the market is moving full steam ahead towards widespread recovery. However, we’re certainly not in the bubble zone here, with price growth and sales both still some way off their pre-crisis peaks.

“Momentum is sweeping across the board with new record-high house prices in areas beyond the capital, ranging from the West Midlands to East Anglia. Attention is moving away from the north-south divide and other regions are stepping out of the shadow of London’s more buoyant property market. Now the universal recovery is really taking hold. For the fourth successive month, all ten regions in England & Wales witnessed positive price rises over the past twelve months.”

There was also an increase in transaction numbers with an estimated 77,000 transactions during December 2013 in England & Wales. Although this figure represents a 2% decrease on November 2013 sales, November 2013 was an exceptionally busy month for sales. When compared with December 2012 sales increased by 34% in December 2013.