House prices drop 1.9% in November

House prices in England and Wales fell by 1.9 per cent in November and 12.2% annually, according to latest figures from Land Registry.

The average house price is now £161,883.

London experienced an annual decrease in its average property value with a movement of –10.2 per cent, taking the average London house price to £317,101.

Every region in England and Wales experienced an annual decrease in their average property values. All regions also sustained a monthly decrease except Wales which underwent no change. The South East saw the most significant monthly fall in prices at –3.2 per cent.

The most up-to-date figures available show that during September 2008 the number of completed house sales fell by 61 per cent to 38,508 from 98,075 in September 2007.