House prices rose 0.2% from December to January, according to the latest Index data from Land Registry.
Figures also showed an annual price decrease of 0.9% - which takes the average property value in England and Wales to £163,177.
Two regions in England and Wales experienced increases in their average property values over the last 12 months.
The region with the highest annual price change is London with an increase of 2.4%.
Both London and the South West experienced the greatest monthly rises both with movements of 1.6%.
The region with the greatest annual price fall is Wales with a decrease of -6.1%.
Wales also experienced the most significant monthly price fall with a movement of -4.2%.
The most up-to-date figures available show that during November 2010, the number of completed house sales in England and Wales dropped by 12% to 54,012 from 61,058 in November 2009.
Meanwhile, the number of properties sold in England and Wales for more than £1million decreased by 2% between November 2009 and November 2010, from 532 to 520.

Whether through choice or necessity the number of Britons renting privately has increased by more than 60% in the last decade.
Figures from the latest English Housing Survey produced by the Department for Communities and Local Government found the number of households renting privately has risen by 1.3 million since 2001, from 2.1 million to 3.4 million in 2009-10.
This is reflected in a fall in the number of owner-occupied households from a peak of 14.8 million in 2005 and 2006 to 14.5 million in 2009-10.
The study also found that in 2009-10, social renters paid on average £75 per week in rent and private renters £153.
Around 62% of social renters received Housing Benefit compared to 24% of private renters.
In 2009-10, 1.8 million households had moved into their current home during the previous 12 months. This was 200,000 less than in 2008-09, and 600,000 less than in 2007-08. The reduction was almost all in the owner-occupied sector.
Meanwhile, the energy efficiency of the housing stock continued to improve, with the average SAP rating increasing from 42 to 53 between 1996 and 2009. The rented sectors - private and social - improved more than the owner-occupied sector.

Home Builders Federation – New ‘Housing Pipeline’ report reveals planning permissions continue to fall
The Home Builders Federation has published a new report which suggests that the number of planning permissions granted by local authorities for house building has continued to fall, and says that this drop coincides with the Government’s proposals for reforming the planning system.