RTTNews - Monday, a report from Land Registry showed that house prices in England and Wales dropped 16.2% in April, taking the average house price to GBP 152,898. On a monthly basis, house prices were down 0.3% in April versus a 0.4% fall in March.

Meanwhile, house prices in London rose 1.4% in April, making it the region with the greatest monthly change. The average property value in the capital totaled GBP 302,411.

In February, the number of completed house sales plunged 50% to 25,592 from 51,121 in February 2008. At the same time, 2,933 house sales were completed in London compared with 7,152 in February 2008, representing a fall of 59%.

Earlier in the day, a survey conducted by Hometrack revealed that U.K. house prices remained stable in May for the first time in 20 months. After falling 0.3% in April, average house prices stayed at GBP 155,600 in May.

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