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.
