The latest house price index from the Land Registry, which covers England and Wales, shows that the price of an average house fell by 0.6% between February and March and 0.6% over the preceding year.
The average price for a property in England and Wales is now Â£160,372.
This month on month fall of 0.6% is in between the findings of the two main lender HPIs from the Halifax and Nationwide. Halifax reported that it saw an increase of 2.2% in March and Nationwide saw a 1% fall (seasonally adjusted, the non-seasonally adjusted figure was actually 0.38% higher in March than in February).
Once again and unsurprisingly London had the highest increase in average property value over the year with a gain of 0.7%. But with a boost of 5.6% the North East saw the greatest month on month gain, but that is on the back of an annual drop of 2.8%.
Wales saw both the largest year on year fall of 5.5% and the largest month on month fall of 4.1%
Only 467 homes were sold in January 2012 that were worth more than Â£1 million, a 6% reduction on January 2011.
When looking at property types the price of an average semi detached house rose by 0.4%. But the average detached house price fell by 2.2%, terraced houses by 0.4% and flats and maisonettes by 0.6%. February’s Land Registry HPI showed that the only gainer then was flats and maisonettes, which rose by 0.6% when all other types fell back.
But when standing back and looking at the big picture the prices overall are still flat-lining (see graphs below). This is despite any volatility imposed by low transaction levels. And there is little in the pipeline that would indicate a large shift from this position over the coming months.