The December data from Land Registry’s House Price Index shows an annual price increase of 1.5% which takes the average property value in England and Wales to £163,814.
The monthly change from November to December is a decrease of 0.2%.
Five 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 6.2%. London also experienced the greatest monthly rise with an increase of 1%. The region with the greatest annual price fall is the North East with a movement of -3.3%. The South West region experienced the most significant monthly price fall with a movement of -1.2%.
The most up-to-date figures available show that during October 2010, the number of completed house sales in England and Wales dropped by 15% to 55,964 from 65,736 in October 2009. The number of properties sold in England and Wales for over £1 million increased by 1% between October 2009 and October 2010, from 572 to 579.
Philip Clarke, director of property consultants, Fisher Property Services, said: “The latest Land Registry data highlights the sharp regional variations in house prices. Over the past year the South has proved very resilient