UK house prices fall 4.6 pct yy in Aug-Land Registry

Average house prices in England and Wales fell 1.9 percent in the month of August, leaving them 4.6 percent below their level a year ago, government figures showed on Friday.

The figures from the Land Registry are based on sale completions and therefore lag surveys by mortgage lenders which are already showing double-digit annual declines.

Still, both the monthly and yearly declines were the biggest since the series began in April 2000 and pushed the average house price in England and Wales down to 174,493 pounds ($320,600), around 10,000 pounds less than at the start of the year.

Every region in England and Wales experienced a decrease in average property prices over the last 12 months. The biggest annual fall was in the east of England, where average prices fell by 6.7 percent, while the smallest was the north west where prices were down by just 2.5 percent.

House prices in London fell by 2.4 percent on the month and by 3.2 percent on the year.