House prices in England and Wales fell 0.2 per cent in December, meaning the average house price now stands at £163,814, according to data from the Land Registry.
On an annual basis, prices increased by 1.5 per cent from £161,373 to its current level.
Five regions in England and Wales experienced increases in their average property values over the last 12 months.
London prices increased the most over the period, rising by 6.2 per cent to £342,325. The region with the greatest annual price fall is the North East with a drop of 3.3 per cent to £108,056.
Figures show that during October 2010 the number of completed house sales in England and Wales dropped by 15 per cent to 55,964 from 65,736 in October 2009. The number of properties sold in England and Wales for over £1m increased by 1 per cent between October 2009 and October 2010, from 572 to 579.
Fisher Property Services director Philip Clarke says: “During 2011, prices in the North, South and London are unlikely to trend in the same direction. The South and London look set to hold their own in 2011, with the capital even seeing a marginal increase in prices come the end of the year.”
Data published today from Halifax shows house prices have increased by 91 per cent in the decade leading up to the end of 2010.