House prices in England and Wales have fallen by an average of 8% over the past year, and 2.2% in the last month, according to the Land Registry’s September house price index. The trend in both cases is strongly downwards.

The average house price now stands at £168,814, which is a decrease from last month.

The average price in London is £328,927, down 6.1% on a year earlier. House prices in the capital are declining on average by 1.5% a month.

The biggest annual fall was in Wales – 10.7% - leaving the average house price in September at £126,530. This was also the region with the biggest monthly fall, of 5.5%.

Prices did not fall everywhere in the past year, however: in Hartlepool they were up by 4.7%.

Sales volumes have continued to decrease, with the average number of sales per month averaging 57,887 in the months between April and July this year, compared with 110,828 in the same period last year.

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