UK house prices down 12.5%

UK house prices were 12.5 per cent lower than in May 2008, according to the Department of Communities and Local Government (DCLG).

The mix-adjusted average house price in the UK stood at £188,991 in May 2009 (not seasonally adjusted).

UK house prices fell by 0.4 per cent in the quarter ending May 2009. This compares with a fall of 4.8 per cent for the quarter ending February 2009.

Annual average house prices fell in England (-12.8 per cent), Wales (-8.8 per cent), Scotland (-6.9 per cent) and Northern Ireland (-23.2 per cent).

Annual average house prices paid by first time buyers in May 2009 were 14.8 per cent lower than a year ago. By comparison average house prices paid by former owner occupiers were 11.6 per cent lower.