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Average house price falls 0.8% in January

However, this figure was due to the exceptionally small volume of sales so far recorded for the region in January.

Rolling average figures for Wales indicate a monthly 1% fall, which in this instance is a more reliable indicator of the underlying trend.

The most up-to-date figures available show that during November 2008 the number of completed house sales fell by 67% to 33,404 from 100,730 in November 2007.

In London only 3504 house sales were completed in November 2008 compared with 12,719 in November 2007. This represents a fall of 72%.

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