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NewsOfficial data: House prices dropped 0.4% in May
Official data: House prices dropped 0.4% in May
Posted by Craig Williams
Consumers looking to buy a home in England or Wales in the near future may be pleased to note that the average cost of a residential property has fallen.
Data published earlier this week (June 28th) by the Land Registry has shown that the price of housing slipped by 0.4 per cent in May, when taken in comparison to the figure recorded one month previously.
This means that prospective purchasers will now have to pay an average of £161,823 to secure a home.
Meanwhile, people wanting to sell their abode are likely to make the most cash from doing so if it is located in London, as the body's House Price Index showed the capital experienced a monthly rise of 2.9 per cent in cost over the same period.
Recently, Dominik Lipnicki, director at Your Mortgage Decisions, stated that the outlook for the country's home loan sector is "bleak" at present.
30/06/2011 11:23
News category: Property