By Marcus Leach
The August 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 £162,347.
The monthly change from July to August is a decrease of 0.3 per cent and signals a return to the negative rates seen in May and June.
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 2.1 per cent.
The East experienced the greatest monthly rise with a movement of 0.8 per cent. The North East experienced the greatest annual price fall with a decrease of 7.8 per cent. Wales experienced the most significant monthly price fall with a movement of 1.7 per cent.
The most up-to-date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by 13 per cent to 54,776 from 62,714 in June 2010. The number of properties sold in England and Wales for over £1 million decreased by 28 per cent between June 2010 and June 2011, from 644 to 465.
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