October house prices were 0.8% down on the previous month, according the Land Registry’s House Price Index.
It showed an annual price increase of 3.4%, making the average property value in England and Wales £165,505.
Eight regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 7.6%. The East experienced the greatest monthly rise with an increase of 1%. The region with the greatest annual price fall is the North East with a movement of -0.9%. Yorkshire and the Humber experienced the most significant monthly price decrease with a movement of -1.8%.
The most up-to-date figures available show that during August 2010, the number of completed house sales in England and Wales rose by 1% to 58,783 from 58,270 in August 2009. The number of properties sold in England and Wales for over £1 million increased by 44% between August 2009 and August 2010, from 506 to 731.
Alison Beech, business relationship director, Valunation, said: “Uncertainty about the market and concerns over household income and job security is causing an aversion to moving home. Some households have little room for financial manoeuvre and find themselves trapped in their mortgages. Would-be first time buyers have little chance of raising a sufficient deposit to obtain a mortgage.