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

The monthly change from December to January is an increase of 0.2 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 2.4 per cent. Both London and the South West experienced the greatest monthly rises both with movements of 1.6 per cent. The region with the greatest annual price fall is Wales with a decrease of -6.1 per cent. Wales also experienced the most significant monthly price fall with a movement of -4.2 per cent.

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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 per cent 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 per cent between November 2009 and November 2010, from 532 to 520.

(CD/GK)