House prices fell in February

February saw an annual price decrease of 0.6%, according to the latest House Price Index from Land Registry.

This means the average property value in England and Wales is now £161,588. The monthly change from January to February is an increase of 0.1%.

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 4.2%. Wales experienced the greatest monthly rise with a movement of 2.0%. The North West experienced the greatest annual price fall with a decrease of 3.5%. The North East saw the most significant monthly price fall with a decrease of 2.6%.

The most up-to-date figures available show that, during December 2011, the number of completed house sales in England and Wales increased by 8% to 61,470 compared to 56,875 in December 2010. The number of properties sold in England and Wales for over £1 million in December 2011 decreased by 13% to 488 from 559 in December 2010.

Paul Hunt, managing director of Phoebus Software, said: “The modest rise in house prices last month is a vindication of the proactive approach mortgage lenders have taken over the last few months. The CML announced recently that gross mortgage lending has risen for seven consecutive months as the combination of low interest rates and steady house prices have provided an opportunity to lenders to make highly affordable finance available to a growing number of house purchasers.