October house prices were down 0.3% compared to the previous month, according to latest data from Land Registry.

The average house price in England and Wales is now £161,605.

The October data from Land Registry’s House Price Index shows an annual price increase of 1.1%.

The South East tops the table of regional applications with 270,398 in October, while there were over 66,700 residential properties in England and Wales lodged for registration in October ranging from £8,000 to £25.5 million.

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months is London with a movement of 7.0%.

Wales experienced the greatest monthly rise with an increase of 1.5%, while the North East experienced the greatest annual price fall with a decrease of 5.8%. The North East also saw the most significant monthly price fall with a decrease of 4.2%.

The most up-to-date figures available show that during August 2012, the number of completed house sales in England and Wales decreased by 3% to 62,291 compared with 64,417 in August 2011.

The number of properties sold in England and Wales for over £1 million in August 2012 increased by 12% to 843 from 753 in August 2011.

Tracy Kellett of buying agents, BDI Home Finders, said: “Quite simply, there is London and there is the rest. For London prices to have added 7% over the past year in a climate as hostile as this shows what a peculiar microclimate it is. While London remains in a league of its own, there is extreme volatility around the rest of the UK.

“The economy is at least growing now but it will need to show longer term growth before the property market as a whole bounces back.

“Barring the most sought-after properties, buyers continue to hold all the cards.”