Average house price fell 0.1 per cent in August

The August data from Land Registry shows a fairly flat market with a monthly house price change of -0.1 per cent. The annual drop of 9.4 per cent - up from a low of 16.3 per cent in February - takes the average house price in England and Wales to £155,968.

London and the West Midlands experienced the greatest monthly price rise with a movement of 0.8 per cent. The average property price in the capital is now £310,640.

All regions experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the North West with a movement of -12.7 per cent.

Hartlepool experienced the greatest annual price fall with a drop of 23.7 per cent.

Although the most up-to-date figures available show that during June 2009 the number of completed house sales in England and Wales fell by 17 per cent to 48,903 from 58,636 in June 2008, monthly sales in England and Wales have risen steadily during the first half of the year - up from 26,517 in January.