The newly-released November data of official statistics from the Land Registry's flagship House Price Index has discovered there to be an annual price decrease of 1.9%, taking the average property value in England and Wales to £160,780.
This means that people could buy and insure their home for a lot less money if they aim for the right market, though they may want to avoid the capital. This is because it is the only region in England and Wales to experience an increase in the average property value over the last 12 months - London rose by 1.4%.
Meanwhile, as all homes across the two home nations edged up by 0.3% during November, the north-west experienced the greatest monthly rise with 1.4%. However, those living in the north-east experienced the largest annual price fall: a decrease of 5.4%. The east suffered the biggest monthly price fall, dropping by 0.6%.
In terms of house sales, the latest up-to-date figures - those of September 2011 - showed that the number of completed house sales in England and Wales jumped by 6% to 61,031 from September 2010's 57,463. On top of this, the number of properties sold in England and Wales for over £1 million increased by 1%.