The Land Registry House Price Index (HPI) for May 2011 shows a small fall of 0.4 % taking the average house prices in England and Wales to £161,823.
It is also not a suprise that the annual change is down at -2.2% as this is inline with other HPI sources, and also represents the fact that prices have been steadily declining for some time.
It is interesting that this however is the largest fall that we have seen in the annual changes since October 2009.
Sales volumes are also down to an average of 44,314 per month, a fall from 52,060 for the period December 2009 to March 2010.
As with other HPI providers there is a clear diveragance appearing between London and the rest of the country and that this continues to grow – in fact London expereinced a 2.9% movement in May – the largest since February 2011.
The average house price in the capital stands more than double the average for England and Wales at £344, 819!
Regionally the North East has seen the larget fall with a -6.9% annual drop, yet Wales had the largest Monthly negative change of -3.5%. East Midland, London and the South East all had very tiny monthly increases of 0.4, 0.2 and 0.1 respectively.
To find out more indepth details of the Land Regsitry Report visit: http://www1.landregistry.gov.uk/upload/documents/HPI_Report_May_11_cf4rvp10.pdf