By Max Clarke

The December data from Land Registry's flagship House Price Index shows an annual price increase of 1.5 per cent which takes the average property value in England and Wales to £163,814. The monthly change from November to December is a decrease of 0.2 per cent.

Five 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 6.2 per cent. London also experienced the greatest monthly rise with an increase of 1 per cent. The region with the greatest annual price fall is the North East with a movement of -3.3 per cent. The South West region experienced the most significant monthly price fall with a movement of -1.2 per cent.

The most up-to-date figures available 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 £1 million increased by 1 per cent between October 2009 and October 2010, from 572 to 579.