House prices hit another record low

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The average home lost 1.9% of its value during the month to stand at £161,883, according to the Land Registry.

It is the 15th consecutive month that the annual rate has declined and the average house price is now similar to February 2006 levels.

The number of homes changing hands also continued to slide, with an average of just 48,599 property sales each month between June and September, less than half the average 115,697 transactions a month in the same period in 2007.

In September, the last month for which figures are available, sales totalled 38,508, down 61% from the same month in 2007.

The year-on-year drop in sales stabilised slightly from the previous month's 63% fall, although the number of properties sold was down on August's 46,534 figure.

Only 354 homes were sold for over £1 million in September, less than half the 762 properties which changed hands for over seven figures in that month in 2007.

Every region in England showed an annual and monthly decrease in property values.

The South East saw the most significant monthly fall in prices at 3.2%. Homes in the region losing 13.7% of their value year-on-year and the average property now stands at £197,760.

Annual price falls in the East and East Midlands were the most dramatic, as homes lost 14.1% and 14.2% of their value respectively.