House prices in England and Wales have come to a halt according to the latest data from the Land Registry’s House Price Index.

The results showed the average house prices dropped by 0.3% in August to £162,347, 2.6% lower than last year.

The only area in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.1%. The East experienced the greatest monthly rise with a movement of 0.8%. The North East experienced the most significant monthly price fall with a movement of -1.7%.

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The most recent figures available show that during June 2011, the number of completed house sales in England and Wales decreased by -13% to 54,776 from 62,714 in June 2010.

(CD)