In May the average price of a residential property in England and Wales was £193,183, falling by 0.7% from April. Prices rose by 1.3% over the year to May 2008, according to the May 'Poll of Polls' Metaindex from Chesterton. Month on month price declines were seen in England and Wales for the sixth consecutive month while annual price growth decreased for the ninth successive month.
In May, house prices fell in eleven of the twelve UK regions. The East Midlands was the only region to experience a rise in prices in May, recording a marginal increase of 0.1%. The largest fall in prices across the regions occurred in Northern Ireland, where prices fell by 2.1% in May. Prices fell by 0.8% in Wales while the largest monthly fall in England was in the West Midlands where prices fell by 0.6%.
Annual growth in house prices was again highest in London, although the rate of growth continues to fall and is now 6.4%. The next strongest growth occurred in Scotland, which experienced growth of 3.4% over the year to May 2008. Prices fell in five regions: Northern Ireland, Wales, the West Midlands, the East Midlands and the South West. The largest fall in the UK was in Northern Ireland, where prices fell by 7.5%, while the largest fall in England was recorded in the West Midlands where prices fell by 1.9%.
The price of all types of property fell, with the largest falls recorded in flats, where prices fell by 0.7% in May. Annual price growth was highest in terraces; prices rose by 1.2% over the year since May 2007.
