Govt Stats Reveal May Property Price Falls

New figures released by the Department for Communities and Local Government have shown that the average UK house price dropped in May...

New figures released by the Department for Communities and Local Government have shown that the average UK house price dropped in May. According to the statistics, the typical values of homes fell by 1.6 per cent over the month, or 0.5 per cent when taking into account seasonal distortions - which could be good news for those looking to invest.

The average cost of a property was 203,528 GBP during May, the study revealed, which was 5.8 per cent lower than the same period in 2011 - although houses in England fared better than those in Wales, Scotland and Northern Ireland.

England properties dropped 1.3 per cent in price, while the others fell by larger proportions - 6.1 per cent, 2.5 per cent and 13.2 per cent respectively. The Council of Mortgage Lenders recently reported that the number of loans being made available to those seeking to invest in property increased in May, standing at 41,500.

- Friday 15 July 2011

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