By Marcus Leach

The July data from Land Registry's flagship House Price Index shows an annual price decrease of 2.1 per cent which takes the average property value in England and Wales to £163,049. The monthly change from June to July is 1.3 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 1.3 per cent. The South West experienced the greatest monthly rise with a movement of 2.2 per cent. The North East experienced both the greatest annual price fall with a decrease of 8.8 per cent and the most significant monthly price fall with a movement of 2.3 per cent.

The most up-to-date figures available show that during May 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.

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