London house prices experienced a greater fall than any other region in October, according to the latest monthly figures from Land Registry.

October’s House Price Index shows that prices in London fell 0.6 per cent, while the market in England and Wales as a whole demonstrated a slight increase of 0.1 per cent.

The average house price for England and Wales now stands at £184,346; in London the figure is £351,039.

Average prices by property type (England and Wales) October 2007
Detached – £278,018
Semi-detached – £172,655
Terraced – £144,369
Flat/maisonette – £173,652
All – £184,346

Wales experienced the highest monthly rise, with an increase of 2 per cent. London experienced the largest negative price movement this month with a change of -0.6 per cent.

Brighton and Hove experienced the highest annual price change with an increase of 14.9 per cent. Twenty other counties and unitary authorities also exhibited annual price increases of 10 per cent or more, the Land Registry added.

It was Cardiff who experienced the smallest annual price change, with a movement of 3.4 per cent.

Million pound Sales
The number of properties sold in England and Wales for over £1 million increased
by 45 per cent between August 2006 and August 2007, from 639 to 924. Meanwhile, the number of properties sold in London for over £1 million increased by 38 per cent between August 2006 and August 2007, from 338 to 468.