Home prices in England and Wales fell by 0.2 per cent for the first time in 13 months, the Land Registry reports.

Bleaenan Gwent and Denbighshire saw the biggest price decreases of 3.6 per cent, followed by North Tyneside and Bedford at 1.2 per cent then Sheffield at 1 per cent. The average property overall in England and Wales has fallen from £165,596 to £165,314.

When considering the entire region, the Land Registry says the south-east saw the biggest monthly rise of 0.9 per cent. London followed with a 0.7 per cent increase. Property values in Wales, the north-east, and the east-Midlands all fell.

London has seen its third consecutive monthly price increase. The average property there is worth £338,708. The added equity has allowed more people to remortgage.

Property transactions have increased in England and Wales by more than 18,000 to over 50,000.

The monthly fall in prices mirrors the findings of Hometrack, a property consultancy firm, which recently claimed prices rose by 0.1 per cent during June for England and Wales properties. They also said new buyer registrations increased by 0.1 per cent in the month, even though demand fell in 6 out of 10 regions.

Richard Donnell, the Director of Research at Hometrack, said: "In January price increases were registered across just 7 per cent of the market, rising to 26 per cent in February but falling back to 21 per cent in March."

Research also showed the time to sell a home stayed unchanged at a little over 8 weeks, while home owners are being paid 6 per cent less on average than the asking price.

It is obvious for homes to start losing value; the economy will need to improve in areas which boost the confidence of the people, so faith can be restored across the region.

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