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House prices up 0.2% in January

House prices rose by 0.2 per cent in January, according to the latest house price index from the Land Registry.

On an annual basis, house prices increased by 0.9 per cent, taking the average house price in England and Wales to £163,177.

The most up-to-date information shows in November the number of completed house sales dropped by 12 per cent to 54,012 from 61,058 the year before.

The number of properties sold in England and Wales for over £1m decreased by 2 per cent between November 2009 and November 2010, from 532 to 520.

LSL Property Services estate agency managing director David Newnes says: “A drop in the most recent transactions figures shows that the property market remains under the cosh. Transaction numbers are more than a third below the long-term average and this demonstrates that we are still some distance from a full recovery in the market.”

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