House prices fall by 1.9 per cent
The average house price for England and Wales was almost 2 per cent lower in November 2011 than in 2010, according to the latest figures from the Land Registry.
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The figures show the average house price stood at £169,780 last November, 0.3 per cent higher than October, but 1.9 per cent down on November 2010. House prices have not seen positive growth year on year since December 2010.
While most regions saw the average house price rise over the month to November, London was the only region to report an annual growth, of 1.4 per cent to £342,749.
The north of England experienced the largest annual falls, with the North-east falling by 5.4 per cent to £101,954 and the average price for the North-west slipping by 4.8 per cent to £112,374.
House sales have also fallen over the past year, according to the Land Registry statistics. In the third quarter of 2011, sales volumes averaged 60,805 a month, 2.4 per cent lower than the 62,293 monthly average for the third quarter of 2010.