Unsurprisingly London experienced the greatest monthly rise with an increase of 2.5 in March. The North West saw the greatest monthly fall with a decrease of 2.5%.
Jonathan Hopper, managing director, property search consultants Garrington, said: "The rise in prices is persistent, if not consistent.
“The national average is still inching upwards, while prices in London are gaining in leaps and bounds.
"The UK economy has returned to growth - just. But outside London consumer confidence is still patchy and the housing market is becoming more polarised than ever.”
The index also found that the number of property transactions has decreased over the last year. From October 2011 to January 2012 there was an average of 56,445 sales per month. In the same months a year later the figure was 54,810.
The latest repossessions data found that decreased by 18% in January 2013 to 1,317 compared with 1,602 in January 2012.
Jonathan Harris, director of mortgage broker Anderson Harris, added: “There was a welcome drop in the number of repossessions in January compared with the same month a year ago but any repossession is one too many.
“The fact that anyone is being repossessed when interest rates are at historic lows is a real concern. It is vital that lenders continue to show forbearance towards borrowers.”
London and Wales were the only regions to see an increase in repossessions of 28% and 24% respectively.
