RTTNews - U.K. house prices declined 12.5% year-on-year in May after falling 13% in April, the Department of Communities and Local Government said Tuesday. Prices have been falling since July 2008. On a monthly basis, house prices dropped 0.1% in May.
The mix-adjusted average house price in May was GBP 188,991 after not adjusting for seasonal variations. This compares to GBP 189,215 in April.
Annual house prices fell in all regions. Prices fell 12.8% in England, 8.8% in Wales, 6.9% in Scotland and 23.2% in Northern Ireland.
Annual average house prices paid by first time buyers were 14.8% lower in May compared to the previous year.
In the quarter ending May, house prices fell 0.4% compared to a fall of 4.8% in the quarter ending February.
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