Average house price drops 4.6%

The average house price in England and Wales in August fell by 4.6% compared to the same period in 2007.

The latest figures from the Land Registry also show that the average house price in August 2008 was £174,493, a 1.9% decrease on July.

London also experienced a decrease in its average property value over the last 12 months, with a movement of -3.2%, taking the average London house price to £336,620.

Hartlepool experienced the highest annual change with an increase of 4.8%, taking its average property price to £117,350.

The most up-to-date figures available show that during June 2008 the number of completed house sales fell by 56% to 54,072 from 123,293 in June 2007.