The housing market takes yet another hit.

The housing market in England and Wales has seen a fall of 1.9% in November, meaning house prices have fallen by a total of 12.2% over the year.

The latest figures from the Land Registry mark the 15th consecutive month of house price decreases.

The average house price in November was £161,883 with housing figures falling in every region.

The report shows that terraced houses witnessed the worst fall in prices, down by 13.5% from September 2007. The average price for a terraced house is now £127,700.

The East Midlands suffered the biggest annual house price falls at 14.2%. Windsor and Maidenhead have fared the best with only a 6.2% annual decrease.

The number of completed house sales has also fallen dramatically. The figures have fallen by 61% to 38,508 in September 2008 from 98,075 in September 2007.

The fall of house prices has been accelerating in recent months – further evidence of the credit crunch and stagnation of the housing market.