However, although property prices are still falling, the speed of the fall has been fairly static over the last couple of months, according to the Land Registry.
The monthly change is -0.3%, bringing the average house price in England and Wales to £152,898. This almost mirrors the annual house price fall in March of 0.4%.
The number of recorded property transactions in England and Wales has decreased over the last year, with the number of sales averaging 31,315 per month in the months November 2008 to February 2009. In the same period the year before, the average was 75,374.
House prices in London actually went up by 1.4 per cent, making it the region with the greatest monthly change. The average property value in the capital is £302,411.
The South West region experienced the most significant annual price fall with a movement of -18%. The North East showed the most significant monthly price fall with a movement of -2.6%.
The most up-to-date figures available show that during February 2009 the number of completed house sales fell by 50% to 25,592 from 51,121 in February 2008. In London 2,933 house sales were completed in February 2009 compared with 7,152 in February 2008. This represents a fall of 59%.
