House prices stayed static in February

House prices in England and Wales remained static on average during February with no monthly price change, says the Land Registry.

The Land Registry says the average house price in the UK now stands at £185,616.

When the Land Registry’s latest figures are broken down into regions instead of average UK prices, they show London prices fell by 0.4% with the average house price in the capital dropping to £353,760.

But the annual growth in London remains higher than any other region at 10.6%.

The West Midlands experienced the highest monthly rise with an increase of 1.3% and Wales had the most significant monthly fall with a drop of 1.1%.

The number of transactions during the period from September to December 2007 averaged 90,880 each month, down from 117,301 for the same period last year.

The number of properties sold in England and Wales for more than £1m decreased by 30% between December 2006 and December 2007, from 542 to 381.

In London the number dropped by 34% from 327 to 215 during the same period.