House prices fall by 2.6pc in year

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House prices have dropped by 2.6 per cent in a year, bringing the average property value to £162,109, the Land Registry said.

The figures, which cover transactions in England and Wales, show London is the only region where prices rose over the year, up 2.7 per cent. The typical London home is worth £349,026, according to the latest figures. The North East saw the greatest annual price fall with a decrease of 8.2 per cent, as well as the most significant monthly price fall with a drop of 3.9 per cent.