House prices down 2.6% year-on-year

The average house price in England and Wales fell by 0.3% between July and August to reach £162,347, according to Land Registry Data.

The figure represents a drop of 2.6% when compared to August 2010.

The only region to see an increase in property prices between August 2010 and 2011 was London, which saw a rise of 2.1%, while the North-East experienced the biggest fall at 7.8%.

Land Registry also released its latest figures for completed house sales, which show the number of completed sales fell by 13% between June 2010 and June 2011, from 62,714 to 54,776.

The number of properties sold worth over £1m decreased by 28% over the same period, from 644 to 465.