May house prices down 0.2 per cent since April

The May data from Land Registry's flagship House Price Index shows an annual price increase of 8.2 per cent.

This is the seventh month in a row in which the annual figure has been positive and takes the average property value in England and Wales to £165,314. It is also the first time since March 2009 that the annual change figure has not increased from the month before.

The monthly change from April to May is a decrease of -0.2 per cent. This is the first negative monthly movement since April 2009.

All regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 14.2 per cent. The region with the smallest annual price rise is the North East with a movement of 1.8 per cent.

The South East experienced the greatest monthly rise with a movement of 0.9 per cent. The East Midlands region experienced the most significant monthly price fall with a movement of -3.6 per cent.

The most up-to-date figures available show that during March 2010, the number of completed house sales in England and Wales rose by 37 per cent to 48,577 from 35,449 in March 2009.