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Property prices have fallen across England and Wales, latest index shows

It takes the average property value in England and Wales to £162,347. The monthly change from July to August is a decrease of 0.3% and signals a return to the negative rates seen in May and June.

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 rise of 2.1%. It reinforces a growing gap between the capital city and the rest of the country.

The East of England experienced the greatest monthly rise with an increase of 0.8% while the North East experienced the greatest annual price fall with a decrease of 7.8%. Wales saw the most significant monthly price fall with a drop of 1.7%.

The number of properties sold in England and Wales for over £1 million decreased by 28% between June 2010 and June 2011, from 644 to 465.

The most up to date figures available show that during June 2011, the number of completed house sales in England and Wales decreased by 13% to 54,776 from 62,714 in June 2010.

The average price in London is now £348,686, in the South East it is £207,189 and £175,079 in the East. The South West has an average price of £173,137, the West Midlands £130,756, the East Midlands £124,646 and Yorkshire and the Humber £121,200.

Semi detached houses have had the highest price fall at 2.8% followed closely by detached houses at 2.7% and terraced houses also at 2.7%. The price of flats and masionettes has fallen by 2.4%.

The HPI uses a sample size that is larger than all other statistical measures available. It is calculated using Land Registry's dataset of all residential property sales completed in England and Wales since January 1995.