October house prices down 0.8 per cent

The October data from Land Registry's flagship House Price Index shows an annual price increase of 3.4 per cent which takes the average property value in England and Wales to £165,505. The monthly change from September to October is a decrease of 0.8 per cent.

Eight 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 7.6 per cent. The East experienced the greatest monthly rise with an increase of 1 per cent. The region with the greatest annual price fall is the North East with a movement of -0.9 per cent. Yorkshire and the Humber experienced the most significant monthly price decrease with a movement of -1.8 per cent.

The most up-to-date figures available show that during August 2010, the number of completed house sales in England and Wales rose by one per cent to 58,783 from 58,270 in August 2009. The number of properties sold in England and Wales for over £1 million increased by 44 per cent between August 2009 and August 2010, from 506 to 731.