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House prices down 3.2% year-on-year in October

House prices fell 3.2 per cent on an annual basis in October, according to data from the Land Registry.

The decrease takes the average property value in England and Wales to £159,999.

Prices fell 0.9 per cent between September and October, following on from a fall of 0.3 per cent between August and September.

London was the only region which experienced an increase in its average property value over the past 12 months, with prices increasing 0.3 per cent. The North East suffered the greatest annual fall with a decrease of 7.2 per cent.

The most up-to-date figures show that during August the number of completed house sales increased by 1 per cent to 62,010 from 61,469 in August 2010. The number of properties sold in England and Wales for over £1m in August decreased by 7 per cent to 714 from 764 in August 2010.

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