May annual house price rate gradually eases

The rate of decline in annual house prices is easing in England and Wales, according to latest figures from Land Registry.

In May an annual movement of -15.9 per cent took the average house price to £152,497.

As in April, monthly house prices fell again by 0.2 per cent in May compared to a fall of 0.5 per cent in March.

Wales had a positive monthly rise with a movement of 1.2 per cent, making it the region with the greatest monthly change and an average property value of £119,990.

All regions in England and Wales experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the North East with a movement of -17.2 per cent.

Manchester metropolitan district experienced the greatest annual price fall with a movement of -23.8 per cent.

The most up-to-date figures available show that during March 2009 the number of completed house sales fell by 43 per cent to 33,161 from 57,929 in March 2008.