Average property prices across England and Wales have fallen 8.1% over the past year, according to a survey of estate agents and surveyors released today.

The report from Hometrack, the housing data analysis company, shows prices are now back to their weakest levels since January 2006.

The largest price falls were in London, with a drop of 9.5%, and in East Anglia at 9%.

The report shows average house prices dropped 1.1% in November, with prices down in 70% of the country.

Richard Donnell, director of research at Hometrack, said all the indicators pointed to a continued fall in property prices.

Financial Times