Annual house prices in England and Wales fell by 12.2 per cent in November, according to the latest figures from Land Registry. The average house price is now £161,883 representing a monthly decrease of 1.9 per cent.

London experienced an annual decrease in its average property value with a movement of –10.2 per cent, taking the average London house price to £317,101.

Every region in England and Wales experienced an annual decrease in their average property values. All regions also sustained a monthly decrease except Wales which underwent no change. The South East saw the most significant monthly fall in prices at –3.2 per cent.

The most up-to-date figures available show that during September 2008 the number of completed house sales fell by 61 per cent to 38,508 from 98,075 in September 2007.

For more information and to view the latest statistical release, visit the House Prices section.

TO SEE THE FULL STATISTICS FOR NOVEMBER, REGION BY REGION, PLEASE DOWNLOAD THE PDF ON THIS WEB PAGE

ENDS

Notes to editors Land Registry's House Price Index is published on the twentieth working day of each month. The December index will be published at 11:00 hours on 29 January 2009.

With the largest transactional property database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Justice and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.

Contacts Marion Shelley 020 7166 4543 marion.shelley@landregistry.gsi.gov.uk

Heather Edwards 020 7166 4487 heather.edwards@landregistry.gsi.gov.uk

Press Office 020 7166 4215