House prices fell 0.4 per cent in May

The May data from Land Registry's flagship House Price Index shows an annual price decrease of -2.2 per cent which takes the average property value in England and Wales to £161,823. The monthly change from April to May is a decrease of -0.4 per cent.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.9 per cent. The East Midlands experienced the greatest monthly rise with a movement of 0.4 per cent. The North East again experienced the greatest annual price fall with a decrease of -6.9 per cent. Wales is the region which experienced the most significant monthly price fall with a movement of -3.5 per cent.

The most up-to-date figures available show that during March 2011, the number of completed house sales in England and Wales decreased by -13 per cent to 44,803 from 51,399 in March 2010. The number of properties sold in England and Wales for over £1 million increased by 58 per cent between March 2010 and March 2011, from 511 to 805.