On an annual basis property prices have now increased by just 0.4% and the region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 7.7%.
London also experienced the greatest monthly rise with an increase of 2.6% while Yorkshire and the Humber experienced the greatest annual price fall with a decrease of 3.9%. Apart from London the only other region to see prices increase was the East of England, up 1.6% on an annual basis.
On a monthly basis London saw prices increased of 2.6% followed closely by the West Midlands at 2%. The North East saw the most significant monthly price fall with a decrease of 1.9%. Only two other regions saw monthly price falls, Wales down 1.8% and the North West down 1.5%.
The most up to date figures available show that during March 2012, the number of completed house sales in England and Wales increased by 25% to 58,609 compared with 46,742 in March 2011.
The number of properties sold in England and Wales for over £1 million in March 2012 decreased by 41% to 501 from 845 in March 2011.
The South East of England topped the table of regional applications with 267,587 in May and overall there were over 54,000 properties lodged for registration ranging from £10,000 to £28 million.
Land Registry's House Price Index (HPI) is the most accurate independent house price index available. Using data on completed sales, it is the only index based on repeat sales. It includes figures at national, regional, county and London borough level.
