Its flagship House Price Index shows an annual price decrease of 3.2% and 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 0.3%. The average price of a property in the city is now £340,308.
The highest annual price rise is in the London borough of Kensington and Chelsea, up 10.1% while Merton saw the highest monthly increase in London at 1.8%. Havering saw the greatest annual price fall, down 3.9% and Hackney has the biggest monthly fall at 0.8%.
The East of England experienced the greatest monthly rise with a rise of 0.7% while the North East experienced the greatest annual price fall with a decrease of 7.2% and Wales experienced the most significant monthly price fall, down 3%.
The metropolitan district with the highest annual price increase is Manchester, up 2.7% while Sunderland experienced the highest monthly price rise at 2.1%. Oldham saw the most significant annual price fall, down 11.7% and the metropolitan district with the greatest monthly price fall was Walsall, down 2.5%.
The most up to date figures available show that during August 2011, the number of completed house sales in England and Wales increased by 1% to 62,010 from 61,469 in August 2010. The number of properties sold in England and Wales for over £1 million in August 2011 decreased by 7% to 714 from 764 in August 2010.
However, the 0.9% monthly fall in average house prices nationally hides a complex regional picture where nearly half of the regions experienced a modest price rise in October, offset by more significant reductions in London, Wales and the North of England,' according to Mark Montgomery, commercial director of 1st Property Lawyers.
'Areas where prices have fallen may provide additional encouragement for motivated first time buyers who are not supported by the Government’s mortgage indemnity scheme but well priced properties are continuing to sell and activity levels in much of the market are holding up extremely well at the end of November,' he added.
