January house prices edge upwards

The January data from Land Registry's flagship House Price Index shows an annual price decrease of 0.9% which takes the average property value in England and Wales to £163,177.

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 2.4%. Both London and the South West experienced the greatest monthly rises both with movements of 1.6%. The region with the greatest annual price fall is Wales with a decrease of -6.1%. Wales also experienced the most significant monthly price fall with a movement of -4.2%.

The most up-to-date figures available show that during November 2010, the number of completed house sales in England and Wales dropped by 12% to 54,012 from 61,058 in November 2009. The number of properties sold in England and Wales for over £1 million decreased by 2% between November 2009 and November 2010, from 532 to 520.