House prices in England and Wales have fallen 2 per cent over the past year after a further 0.6 per cent drop in July, according to Land Registry figures released today.

The average house price stood at £178,364 at the end of July, with London the only region across the country where property has risen in value over the past 12 months.

In the year to July, prices in the capital rose 1.7 per cent, contrasting with the East Midlands which experienced the largest decline in England and Wales, with values falling by 5.1 per cent.

The Land Registry's July data follows research released by Nationwide yesterday showing prices fell by more than 10 per cent since last August - the fastest rate in 18 years.

Land Registry figures are based on the value of homes in completed sales logged with the agency, while the rival surveys gauge prices based on a range of alternative measures, such as mortgage offers, that reflect earlier stages in the home-buying process.

Despite recording price rises for the year, transactions fell in London, mirroring the decline around the rest of the country.

East Midlands have been hardest hit followed by Wales where prices dropped 4.4 per cent. In the West Midlands prices fell 3.8 per cent and the South West recorded declines of 3.4 per cent.

At 0.1 per cent down the North East held up the best after London while the South East dropped 1.3 per cent over the year.

Broken down into house types, the greatest price falls in July were for detached houses, which dipped 2.3 per cent for the year. Semi-detached, terraces and flats have all fallen 2.0 per cent.

Money Central: London house price data, borough by borough

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