House prices drop 8%

House prices have dropped by eight per cent in the past year, according to the Land Registry.

In the organisation''s house price index, the average house price in England and Wales fell by 2.2 per cent in September, continuing the strong downward trend in value.

The Land Registry claims the average house price in the two countries now stands at £168,814.

"Every region in England and Wales experienced a decrease in their average property values over the last 12 months," the report claimed.

Sales volumes have also continued their decline, with the average number of sales falling to 57,887 between April and July of this year.

Meanwhile, Conwy county borough experienced the biggest annual fall in property values with a 10.6 per cent decrease.

According to the Press Association, house builder Persimmon has announced a £600 million write down on its land bank after further price falls in the ailing property market.

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