Compared to April the previous year average house prices decreased 1.0%.
The region in England and Wales which experienced the highest increase in its average property value over the past 12 months was London with a movement of 5.1%.
London also experienced the greatest monthly rise with an increase of 5.1%.
Yorkshire and The Humber experienced the greatest annual price fall with a decrease of 5.6% and the West Midlands saw the most significant monthly price fall with a decrease of 2.7%.
The most up-to-date figures available show that during February 2012 the number of completed house sales in England and Wales increased by 9% to 43,331 compared with 39,670 in February 2011.
The number of properties sold in England and Wales for over £1m in February 2012 decreased by 3% to 462 from 478 in February 2011.
Paul Hunt, managing director of Phoebus Software, said: “A double-whammy of the return of stamp duty for first-time buyers and receding confidence among lenders hit property prices last month.
“According to LSL transactions in April dropped by 18% and that such a precipitous drop in activity hasn’t pushed prices down further shows most of the drop in transactions was predominantly for lower value properties.
“But we’re also seeing the impact of reduced confidence among lenders as in April Greek politicians dithered and ultimately failed to establish a government, which has brought the liquidity-damaging possibility of a Greek exit to centre stage.
“As the eurozone crisis has continued to develop this month, it’s likely ongoing caution from lenders will put further downward pressure on prices in May”.
