By Max Clarke

House prices in England and Wales dropped by 1.7% over the past 12 months, according to the Land Registry’s latest House Price Index.

Bucking the trend of falling prices is London, which has seen a 3.2% increase over the past 12 months.

Other findings from the UK’s most accurate housing market report show that: the East experienced the greatest monthly rise with a movement of 1.2 per cent; the region with the greatest annual price fall is the North East with a decrease of -7.1 per cent, and the North East also experienced the most significant monthly price fall with a movement of -4 per cent.

Figures also show show that during December 2010, the number of completed house sales in England and Wales dropped by 30 per cent to 54,812 from 78,438 in December 2009. The number of properties sold in England and Wales for over £1 million increased by 3 per cent between December 2009 and December 2010, from 522 to 540.