© Press Association 2008

HOUSE prices in England and Wales fell by a record 4.6 per cent during the year to the end of August, figures showed.

The Land Registry said the annual rate of growth has been falling for 12 months to hit its lowest level since its series began in 2001.

Properties lost a further 1.9 per cent of their value during August, the biggest monthly fall ever recorded by the group, to leave the average house costing £174,493.