Land Registry: House prices unchanged in May

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by Kay Murchie

According to figures published today from the Land Registry, house prices in England and Wales were unchanged in May compared with the previous month.

In addition, figures from the organisation showed that house sales were down during March at 53,080, compared with 106,047 in March 2007.

The Land Registry said annual house growth fell for the ninth consecutive month with the average cost of a home at £183,266, this was roughly the same as in April but down 1.8% from May 2007.

The figures, which are based on completed property sales, differ from house prices reported by the UK’s leading lenders.

According to the Land Registry, house prices in London actually increased by 0.8%, with the average property priced at £354,714, while the North East experienced the sharpest monthly fall of 2.4%.