AVERAGE HOUSE PRICE DROPS TEN PER CENT IN OCTOBER TO �165,529

Annual house prices in England and Wales fell by 10.1 per cent in October, according to the latest figures from Land Registry. The average house price is now £165,529 representing a decrease month-on-month of 1.5 per cent.

London experienced an annual decrease in its average property value with a movement of -8.6 per cent, taking the average London house price to £320,774.

Every region in England and Wales experienced a decrease in their average property values. The West Midlands sustained the smallest monthly price fall at -0.6 per cent while Wales underwent the biggest decrease at -2.8 per cent.

The most up-to-date figures available show that during August 2008 the number of completed house sales fell by 64 per cent to 45,437 from 124,517 in August 2007.

For more information and to view the latest statistical release, visit the House Prices section.

Region	Monthly change (%)	Annual change (%)	Average price (£)
West Midlands	-0.6	-9.3	140,737
North West	-1.0	-9.2	125,201
East Midlands	-1.3	-10.9	131,329
England and Wales	-1.5	-10.1	165,529
East	-1.6	-11.2	173,123
South East	-1.8	-10.2	205,545
Yorkshire & The Humber	-1.8	-10.1	131,210
London	-1.9	-8.6	320,774
North East	-2.1	-10.4	117,574
South West	-2.1	-11.5	174,574
Wales	-2.8	-12.0	125,569

Top 10 areas	Average price (£)	Monthly change (%)	Annual change (%)
Windsor and Maidenhead	330,071	-1.9	-2.7
Greater London	320,774	-1.9	-8.6
Surrey	295,740	-1.4	-4.5
Wokingham	275,994	-1.2	-5.1
Buckinghamshire	259,595	-1.0	-4.5
Hertfordshire	239,300	-1.3	-4.6
Oxfordshire	238,465	-1.0	-5.6
West Berkshire	230,015	-0.4	-6.7
Rutland	226,655	-0.2	-4.6
Dorset	218,786	-1.9	-6.3

Average prices by property type ( England and Wales )	October 2008	October 2007	Difference (%)
Detached	£253,719	£278,862	-9.0
Semi-detached	£154,748	£172,917	-10.5
Terraced	£129,694	£144,111	-10.0
Flat/maisonette	£154,491	£174,319	-11.4
All	£165,529	£184,214	-10.1

Month	Sales 2008 (England and Wales)	Sales 2007 (England and Wales)	Difference (%)
January	£57,632	£87,678	-34
February	£61,361	£86,785	-29
March	£57,593	£106,142	-46
April	£61,853	£95,236	-35
May	£64,221	£108,037	-41
June	£57,292	£123,330	-54
July	£51,003	£116,777	-56
August	£45,437	£124,517	-64

ENDS

Notes

Land Registry's House Price Index is published on the twentieth working day of each month. The November index will be published at 11:00 hours on 30 December 2008.
With the largest transactional property database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Justice and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.

Contacts

Marion Shelley 020 7166 4543
marion.shelley@landregistry.gsi.gov.uk

Heather Edwards 020 7166 4487
heather.edwards@landregistry.gsi.gov.uk

Press Office 020 7166 4215

IRRV Alert December 1 2008

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AVERAGE HOUSE PRICE DROPS TEN PER CENT IN OCTOBER TO �165,529

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