House prices fall 4.6% in a year

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The Land Registry said the annual rate of growth has been falling for 12 months to hit its lowest level since its series began in 2001.

Properties lost a further 1.9% of their value during August, the biggest monthly fall ever recorded by the group, to leave the average house costing £174,493.

House prices are now falling in all areas of England and Wales on an annual basis.

The East is leading the slump, with homes in the region losing 6.7% of their value during the past year, followed by the South West at 6.5% and the East Midlands at 5.9%.

Prices in London have dropped by 3.2% during the past year, which the Land Registry said was the first annual fall for the capital it had recorded since this series began.

But even in the North West and Wales, which have seen the smallest drops, prices have still fallen by 2.5% and 2.6% respectively on an annual basis.

The East also saw the biggest price falls on a monthly basis, with prices diving by 3.9% during August.

London, the South East and South West all also saw sharp declines of between 2.4% and 2.7% during the month.

The North West and Wales were the only regions to escape falls in August, with prices in these regions rising by 1.2% and 0.8% respectively, while in the West Midlands prices eased by just 0.1%.