In London the average price fell 12.9% annually to £307,071 – a level similar to prices experienced in late 2006.
Every region in England and Wales experienced an annual decrease in its average property value.
All regions also sustained a monthly decrease except Wales, which bucked the trend with a 1.7% rise and the North East, which underwent no change.
The West Midlands saw the most significant monthly fall in prices at –3.6%.
The most up-to-date figures available show that during October 2008 the number of completed house sales fell by 60% to 41,123 from 102,597 in October 2007.
In London only 4604 house sales were completed in October 2008 compared with 13,354 in October 2007.
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