House prices fell by a further 1.9% in November according to the Land Registry who said overall activity in the market dropped again as well.

This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show.

The price of an average home is now £161,883 with prices falling in every region over the last year.

The Registry also revealed that the number of sales dipped in the third quarter of the year.

In the three months to end of September, the number of sales was less than half of the 115,697 of the same period the previous year, at 48,599.

In September the number of properties sold for more than £1m fell by 54% to 354 compared with the same month a year earlier.

The annual fall in prices recorded by the survey has been accelerating in recent months, as the housing market continues to stagnate.

The picture varied across the regions but all were trapped in the downward spiral.

ANNUAL HOUSE PRICE FALLS IN ENGLAND AND WALES

  • East Midlands: 14.2%
  • East: 14.1%
  • South East: 13.7%
  • South West: 12.8%
  • Wales: 11.7%
  • West Midlands: 11.6%
  • Yorkshire and Humber: 10.6%
  • North East: 10.3%
  • London: 10.2%
  • North West: 10.2%

The survey was published the day after Bank of England figures showed that homeowners were concentrating on repaying their mortgages, rather than spending by cashing in on equity.

Households in the UK put £5.7bn of equity back into homes between July and September , compared with withdrawing £11.1bn in the same period in 2007 to spend elsewhere.