The average house price in England and Wales, was £162,215 in Februrary, down 1.7% on the year efore according to figures from HM Land Registry.
It also revealed that there were significant regional variations
across the country, with London and the East seeing house prices on the rise, as Northern regions suffered large falls.
London recorded the highest annual price change, with an increase of 3.2% between February 2010 and 2011, while the East recorded the greatest monthly price movement, with a rise of 1.2% in February alone.
However, the North East suffered the highest annual and monthly price falls, down 7.1% and 4% respectively.
The Land Registry's most up to date sales completion figures
also showed that house sales plummeted 30% in December 2010 to 54,812 compared to 78,438 in December 2009.
Meanwhile, the number of properties sold in England and Wales for over £1m increased by 3% between December 2009 and December 2010, from 522 to 540.