London House Prices Maintained as UK Prices Drop

London again emerged as the only UK region to maintain its house prices, edging up 0.3% month-on-month as investors look to shore up their assets by purchasing London properties as investments. London, cautioned estate agent Lucy Pendleton, talking to the Daily Telegraph, is not immune from macroeconomic insecurity and the upward trajectory in property prices may not last:

"With this latest house price data, Londoners have had a major reality check. The capital is not immune to the collapse in business and consumer confidence - and the unravelling of the eurozone.

The East experienced the greatest monthly rise with a movement of 0.7 per cent. The North East experienced the greatest annual price fall with a decrease of 7.2 per cent. Wales experienced the most significant monthly price fall with a movement of -3.0 per cent.

The most up-to-date figures available show that during August 2011, the number of completed house sales in England and Wales increased by 1 per cent to 62,010 from 61,469 in August 2010. The number of properties sold in England and Wales for over £1 million in August 2011 decreased by 7 per cent to 714 from 764 in August 2010.