House prices rose in January by 02.%, according to the Land Registry’s latest House Price Index.

The average house price in England and Wales is now £163,177, with house prices down year-on-year by 0.9%.

The Land Registry reported that two regions in England and Wales experienced rises in their average property values over the last 12 months. The region with the highest annual price change was London, by 2.4%.

Both London and the South West experienced the greatest monthly rises both with movements of 1.6%. The region with the greatest annual price fall is Wales with a decrease of -6.1%. Wales also experienced the most significant monthly price fall with a movement of -4.2%.

During November, the number of completed house sales in England and Wales dropped by 12% to 54,012 from 61,058 in November 2009. The number of properties sold in England and Wales for over £1 million decreased by 2% between November 2009 and November 2010, from 532 to 520.