Property prices falls reported across UK

29-Jun-2009

House prices dropped in a number of regions across the UK in May, according to the Land Registry.

Despite Halifax and Nationwide Building Society suggesting the average cost of housing rose during the month, the new data has revealed a very different situation.

It could mean that first-time buyers are able to find bricks and mortar more suitable to their budgets.

According to the Land Registry, the average property in England and Wales dropped in value by 0.2 per cent between April and May.

The region with the most significant annual price fall of minus 17.2 per cent was the north-east, while the Manchester metropolitan district experienced the greatest annual drop in value with a movement of -23.8 per cent.

In May, the National Association of Estate Agents chief executive Peter Bolton-King revealed that first-time buyer confidence returned at the start of spring and he predicted a positive outlook for the property industry in the coming months.

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