House prices remain flat in May

Average house prices in England and Wales remained flat in May, showing no monthly change at £183,266, according to the latest figures from Land Registry.

Annual house price growth shows a decline for the ninth consecutive month, with a decrease of 1.8%.

The figures show that during March, the number of completed house sales fell by 50% to 53,080 from 106,047 in March 2007.

Monthly house price growth in London currently stands at 0.8% and the average house price at £354,714.

The North East experienced the most significant monthly price fall with a reduction in prices of 2.4%.

In terms of property types, flats were the hardest hit, with an average price fall of 2.1%.