The annual change in house prices shows a decrease of 3.2%.
London was the only region in England and Wales to experience an increase in its average property value over the last 12 months with a movement of 0.3%.
The East experienced the greatest monthly rise with a movement of 0.7%.
Wales experienced the most significant monthly price fall with a movement of -3.0%
The North East experienced the greatest annual price fall with a decrease of 7.2%.
Latest figures show that during August 2011, the number of completed house sales in England and Wales increased by 1% to 62,010 from 61,469 in August 2010.
The number of properties sold for over £1m in England and Wales decreased in August 2011 by 7% to 714 from 764 in August 2010.
