Land Registry: November house prices down 1.9% year-on-year

Average house prices in England and Wales fell by 1.9% year-on-year to reach £160,780, according to the latest Land Registry data.

This represents a monthly rise of 0.3% compared to October.

The only region to experience an annual increase in property values was London, which saw a rise of 1.4%, while the North-East saw the greatest annual fall at 5.4%.

In addition, the most up-to-date figures available show that the number of completed house sales in England and Wales increased by 6% from 57,463 in September 2010 to 61,031 in September 2011.

The number of properties sold for over £1m increased by 1% from 720 in September 2010 to 729 in September 2011.