Land Registry records 10.1% house price fall

House prices have fallen by 10.1 per cent in the last year, according to fresh statistics from the Land Registry.

Compared to September, house prices fell 1.5 per cent and the index has reported that the average property in England and Wales is now worth £165,529.

Nationwide's recent survey revealed that house prices have fallen 13.9 per cent, a sharper drop than that recorded by the government's official index.

Meanwhile, the Guardian reports that the statistics from the Land Registry have been accused by commentators of "misleading homebuyers and policymakers" because they do not include repossessions and auctions.

The Land Registry omits such data as it claims they do not reflect a home's full market value.

"Other surveys are based on sample sizes or mortgages or asking prices and so will reflect these differences in their results. The [Land Registry] House Price Index uses a sample size that is larger than all other statistical measures available," a spokesperson for the Land Registry told the newspaper.