November house prices down 0.6 per cent

House prices fell 0.6 per cent in November, according to the Land Registry's House Price Index.

Annually house prices increased 2.2 per cent which takes the average property value in England and Wales to £164,773.

Seven 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 6.8 per cent. London also experienced the greatest monthly rise with an increase of 0.4 per cent. The region with the greatest annual price fall is Wales with a movement of -3.3 per cent. Wales also experienced the most significant monthly price fall with a movement of -3.4 per cent.

The most up-to-date figures available show that during September 2010, the number of completed house sales in England and Wales dropped by six per cent to 55,068 from 58,430 in September 2009. The number of properties sold in England and Wales for over £1 million increased by 24 per cent between September 2009 and September 2010, from 552 to 686.