Regionally, prices in London were reduced by 0.4 per cent, forcing the average price down to £353,760. However, the annual growth in London remains higher than any other region at 10.6 per cent.
House prices in the West Midlands experienced the highest monthly increase after rising by 1.3 per cent, while Wales saw the most significant monthly fall of 1.1 per cent.
During the period September to December 2007, the number of transactions averaged 90,880 per month, down from 117,301 for the same period last year.
The number of properties sold in England and Wales for over £1 million decreased by 30 per cent between December 2006 and December 2007, from 542 to 381.
