Land Registry: house prices slip 0.2%


House prices in England and Wales slipped by 0.2% in May, according to Land Registry data.

The average cost of a home stood at £165,314 during the month, with the decline taking the annual rate of inflation down to 8.2%.

However, the Registry points out that May was the seventh month in a row in which annual house price change has been above zero.

Growth in property transactions has also been in positive territory, with the average number of homes changing hands in England and Wales increasing to 50,658 per month between December 2009 and March 2010, compared with 32,009 in the same period a year earlier.

In May, all 10 regions in England and Wales experienced annual increases in their average property values.

London led the way with annual growth of 14.2%, having achieved a monthly rise of 0.7%; the region with the smallest annual price rise was the North East, with a movement of 1.8%.

While the Land Registry publishes it housing market data roughly a month behind other commentators, its figures are regarded as the most accurate because they are based on completed transactions rather than mortgage approvals.

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