House prices ‘unchanged in May’

House prices in England and Wales were unchanged in May and up 1.8% over the year, the Land Registry says.

But it said that sales volumes during March were half of the number of March 2007, at 53,080.

The figures, which are based on completed property sales, come after sharp falls in house prices were reported by the UK’s major lenders.

The Registry said annual price growth fell for the ninth month running. The average cost of a home was £183,266.

Price changes

The data shows that London has the biggest year-on-year growth in property prices - up 6.9%.

There were also rises in prices in the East Midlands, the East, Yorkshire and Humber, the South East and the North West.

But average prices fell over the last 12 months in the North East, South West, Wales and the West Midlands.

At a more local level, Monmouthshire saw the highest annual price growth in May - at 6.9%, whereas in Ceredigion prices fell the most, by 7%.

house prices dipped 0.1% in January

House prices dipped 0.1% in January, declining for a third consecutive month as the market cooled, and taking the annual rate of price inflation to its lowest level in two years, Nationwide said.