The November data from Land Registry’s House Price Index shows an annual price decrease of 1.9%.
This takes the average property value in England and Wales to £160,780. The monthly change from October to November is an increase of 0.3%.
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 1.4%. The North West experienced the greatest monthly rise with a movement of 1.4%. The North East experienced the greatest annual price fall with a decrease of 5.4%. The East experienced the most significant monthly price fall with a decrease of 0.6%.
The most up-to-date figures available show that during September 2011, the number of completed house sales in England and Wales increased by 6% to 61,031 from 57,463 in September 2010. The number of properties sold in England and Wales for over £1 million in September 2011 increased by 1% to 729 from 720 in September 2010.
David Newnes, director of LSL Property Services, owners of Your Move and Reeds Rains, said: “2011 has been a tough year for the property market as the annual fall in property values shows. Mortgage lending has remained constrained and this has made it very hard for first time buyers with only limited deposits to get themselves onto the market and boost prices at the lower end.