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House prices fall in May
House prices fell by 0.2% in May, the first negative monthly movement for over a year, according to figures from Land Registry.
Markets
House prices fell by 0.2% in May, the first negative monthly movement for over a year, according to figures from Land Registry.
The annual price increase now stands at 8.2%, according to the stats which cover England and Wales.
During May the South East experienced the greatest monthly rise, with prices up 0.9%. The most significant monthly price fall was in the East Midlands, with a 3.6% drop.
The data is in line with the Halifax’s figures which showed house prices dropped by 0.4% in May, the second straight month of declines.
Nationwide, however, says house prices continue to rise and are in fact heading towards 2007 highs.
Click here to read Citywire journalist Victoria BIschoff's take on house prices.
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