UK Money News
13th June 2008
House prices dropped 0.6% in May
UK house prices recorded the most marked monthly decline for 12 years in May, research from the Financial Times (FT) has shown.
A study of the market conducted by Acadmetrics on behalf of the FT found that the value of a home fell by 0.6 per cent during the month.
The fall is the largest recorded by the FT since 1995 and brings the annual rate of house price inflation down from 3.9 per cent to 2.7 per cent.
However, seven of the ten regions in England and Wales now have an annual growth rate of less than three per cent.
Dr Peter Williams, chairman of Acadametrics, commented: "The continued contraction and re-pricing in the mortgage market are adding to the downward pressure on prices and there is little sign yet that liquidity is recovering.
"But decline in the mortgage market should not be exaggerated."
The FT claims that its data gives a more accurate representation of the state of the market than those compiled by lenders because it includes transaction figures from all mortgage providers.
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