The fall in house prices is picking up speed, with the south east among the regions worst hit, according to new statistics from the Land Registry.

Its latest report on completed house sales shows that house prices in the region fell by 2.5 per cent in August, meaning prices have now fallen by 4.8 per cent in a year.

The figures mean that the average property in the south east now costs £216,701.

Nationally, house prices fell by 1.9 per cent in August, taking the annual drop nationwide to 4.6 per cent.

The biggest fall is 6.7 per cent in a year for the east of England and the smallest is a fall of 2.5 per cent in north west England.

Two months ago, the Land Registry recorded that prices across England and Wales were 0.1 per cent higher than a year ago.