UK Money News
8th July 2008
House prices down 0.3% in May
UK house prices fell slightly per cent in May, with detached homes suffering the most marked drops, according to new data from the Communities and Local Government (GLG)
The official figures show that the value of a home fell by 0.3 per cent over the course of the month.
Detached homes depreciated in value by 2.1 per cent, followed by a one per cent fall in prices for bungalows.
As a result of May's decline, the annual rate of house price inflation has fallen to 3.7 per cent.
Howard Archer, chief UK and European economist at Global Insight, said: "The CLG data do little to dilute the serious concerns over the housing market, even though it shows house prices still rising year-on-year.
"Severe downward pressure on house prices continues to come from very weak housing market activity, elevated affordability pressures on potential house buyers and very tight credit conditions."
The average price of a home now stands at £218,151.
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