By Claire West

Monthly house prices in England and Wales fell by 2 per cent in December, according to the latest figures from Land Registry. The average house price is now £158,946 representing an annual decrease of 13.5 per cent.

In London the average price fell 12.9 per cent annually to £307,071 — a level similar to prices experienced in late 2006.

Every region in England and Wales experienced an annual decrease in its average property value. All regions also sustained a monthly decrease except Wales, which bucked the trend with a 1.7 per cent rise and the North East, which underwent no change. The West Midlands saw the most significant monthly fall in prices at —3.6 per cent.

The most up-to-date figures available show that during October 2008 the number of completed house sales fell by 60 per cent to 41,123 from 102,597 in October 2007. In London only 4,604 house sales were completed in October 2008 compared with 13,354 in October 2007.