The Land Registry's latest House Price Index also shows an annual price decrease of 2.2%. The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with an upwards movement of 2.9%.
The North East experienced the greatest annual price fall with a decrease of 6.9%. Wales is the region which experienced the most significant monthly price fall with a decrease of 3.5%.
The most up-to-date figures available show that during March 2011, the number of completed house sales in England and Wales decreased by 13% to 44,803 from 51,399 in March 2010. The number of properties sold in England and Wales for over £1 million increased by 58% between March 2010 and March 2011, from 511 to 805.
Commenting on the data, Alison Beech, business relationship director, Valunation, said: “Land Registry data showing the highest annual fall in house prices since October 2009 reflects the current lack of activity in the housing market as a whole across the UK.
“While there are many micro markets bucking the trend, lending and transactions levels remain low.
“A recovery in prices will not appear until the economic and financial outlook shows consistent improvement.”
