House prices in England and Wales fell slightly again last month, according to figures from the Land Registry.

The average house price in May fell by 0.2% from April to £152,497, while the annual rate of decline was 15.9%.

This was a slight slowdown on the 16.2% year-on-year drop recorded for both April and March.

The latest Land Registry data comes a week after the Council of Mortgage Lenders said lending levels across the UK fell back again in May.

All regions of England saw annual prices fall again May, with the North East posting the sharpest decline - down 17.2%.

The North East also saw the biggest month-on-month fall, with May prices 4.3% lower than April.

However, Wales and four English regions - East, North East, West Midlands, South East - saw prices increase in May compared with April.

The Land Registry also said that the average number of property transactions totalled 31,091 between December of last year and March, more than half less than the 64,674 a year earlier.

by for www.malextra.com
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