House prices fall 0.8%

February house prices down 0.8 per cent since January: Average house price in England and Wales now £162,215.

The February data from Land Registry's flagship House Price Index shows an annual price decrease of 1.7 per cent which takes the average property value in England and Wales to £162,215.

The monthly change from January to February is a decrease of 0.8 per cent.

Two regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 3.2 per cent. The East experienced the greatest monthly rise with a movement of 1.2 per cent. The region with the greatest annual price fall is the North East with a decrease of -7.1 per cent. The North East also experienced the most significant monthly price fall with a movement of -4 per cent.

The most up-to-date figures available show that during December 2010, the number of completed house sales in England and Wales dropped by 30 per cent to 54,812 from 78,438 in December 2009. The number of properties sold in England and Wales for over £1 million increased by 3 per cent between December 2009 and December 2010, from 522 to 540.