House prices have fallen 1.7% year-on-year, according to the Land Registry’s House Price Index.

The average property value in England and Wales is now £162,215. The monthly change from January to February is a decrease of 0.8%.

Two 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 3.2%. The East experienced the greatest monthly rise with a movement of 1.2%. The region with the greatest annual price fall is the North East with a decrease of -7.1%. The North East also experienced the most significant monthly price fall with a movement of -4%.

The most up-to-date figures available show that during December 2010, the number of completed house sales in England and Wales dropped by 30% 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% between December 2009 and December 2010, from 522 to 540.

Paul Hunt, managing director of Phoebus Software said: “Flat lending in February and the continuing economic uncertainty led the average property price to dip significantly in February.