House prices in England and Wales, fell by a further 1.9% in November as activity in the market dropped once again according to new figures from the Land Registry.

Annual house prices in England and Wales fell by 12.2 per cent in November, with the average house price now standing at £161,883 representing a monthly decrease of 1.9 per cent.

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.

Region          Monthly change (%)  Annual change  Average price
                                    (%)            (£)
Wales           0.0                 -11.7          126,181
London          -0.4                -10.2          317,101
South West      -0.5                -12.8          172,386
North East      -0.9                -10.3          115,445
North West      -1.3                -10.2          124,446
England and     -1.9                -12.2          161,883
Wales
Yorkshire & The -2.0                -10.6          130,048
Humber
West Midlands   -2.2                -11.6          137,493
East Midlands   -2.4                -14.2          126,986
East            -2.8                -14.1          167,078
South East      -3.2                -13.7          197,760