House prices 'stayed low last month'

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House prices 'stayed low last month'

Fri 27th Jun 2008

House prices in England and Wales remained flat last month, recording an annual increase of just 1.8 per cent, new figures suggest.

According to data produced by the Land Registry, this is the ninth consecutive month in which annual price change has fallen.

Currently, the average price of a house is said to stand at £183,266 and, accounting for seasonal adjustments, there was no monthly price change in May.

Meanwhile, London properties were said to have undergone an annual growth in price of 6.9 per cent over the 31-day period.

This figure is three times the rate of growth seen across England and Wales as a whole.

Houses in the capital now stand at an average value of £354,714.

In other property news, figures cited recently in the Times suggested that house prices in the US have experienced a fall of 22.8 per cent over the last three months as consumer confidence in the country continues to decline.

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