Tue, 29 Jun 10
House prices dropped by 0.2% during May in England and Wales, according to latest figures released by the Land Registry.
The figures also show that the annual rate of increase in May was 8.2%, down from 8.5% in April, and are a further indication that prices are flattening out during 2010 following a spate of rises the previous year.
The average price of a home in England and Wales in May was £165,314.
Regional differences were shown in these latest figures. While the annual rate of increase in London was 14.2%, the rise in the north east of England was 1.8%.
The south east of England experienced the biggest monthly increase with a rise of 0.9% between April and May. The biggest monthly fall in prices during the same period was in the East Midlands where prices plummeted by 3.6%.
The number of transactions is up by 37% across England and Wales, from 35,449 in March last year to 48,577 in March 2010. These are the most up to date figures the Land Registry has available regarding transactions.
Latest asking price figures published by Home.co.uk also show that prices are flattening out.
The mix-adjusted average asking price for homes on the market in England and Wales increased by just 0.3% in the month leading up to its June report. Monthly falls were observed in 6 out of 9 English regions and Wales and the annual change in asking prices is now -0.1%.
By Joe Lepper
Back to: News Index