According to latest house price index released by the Land Registry office, house prices rose 0.2 percent in January over same period last year.
The average home price in England and Wales was recorded at £163,177, a rise of 0.9 percent on annualized basis.
The latest data shows that completed house sales number dropped from 61,058 to 54,012 in November, a decline of 12 percent over 2009.
Number of properties valued at over £1 million dropped to 520 between November 2009 and November 2010 from 532; a decline of 2 percent.
“A drop in the most recent transactions figures shows that the property market remains under the cosh. Transaction numbers are more than a third below the long-term average and this demonstrates that we are still some distance from a full recovery in the market”, said David Newnes, Estate Agency Managing Director of LSL Property Services.