LONDON (ShareCast) - House prices in England and Wales are still falling, according to Land Registry figures, although the pace of decline continues to ease.
They dropped 0.2% to an average of £152,497in May, slightly less than the 0.3%
decline in April and the 0.4% seen in March.
Year-on-year prices are down 15.9%, better than the 16.2% annual fall reported in April and February's peak of 16.5%.
Today's data contradicts recent numbers from the Halifax and Nationwide who've reported rising prices, as Land Registry figures reflect completions and don't include new builds.
Homes in Wales did rise during the month, up 1.2%, but London prices dropped 1.5% and were down 4.3% in the North East, the worst affected region.
"We believe that the pick up in actual house purchases is likely to remain gradual for some time to come given ongoing tight credit conditions and still relatively poor economic fundamentals," says Howard Archer, chief UK economist at IHS Global Insight.
He thinks prices are likely to fall by another 10% from current levels to trough around mid-2010.
Completed house sales were down 42% annually in March, the most recent month for which figures are available, to 33,161. Sales had been as low as 25,900 in January.
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