The September data from Land Registry's flagship House Price Index shows an annual price decrease of 2.6 per cent which takes the average property value in England and Wales to £162,109.

The monthly change from August to September is a decrease of 0.3 per cent and continues the negative monthly price change seen in August of -0.1 per cent.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.7 per cent. The North West experienced the greatest monthly rise with a movement of 1.0 per cent. The North East experienced the greatest annual price fall with a decrease of 8.2 per cent and the most significant monthly price fall with a movement of -3.9 per cent.

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The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.

(CD/GK)