Annual UK house price inflation fell to 3.7% from 4.9% in April, say the latest figures from the Department of Communities and Local Government (DCLG), putting the price of the average house at £218,151.
Regionally of course the country is divided, with house prices in Scotland rose by as much as 6.9% in May, where prices are still falling in Northern Ireland, down by 7.8% in the same period.
Although these figures seem quite gentle, experts are keen to point out that the DCLG figures lag other house price reports, and that worse news is to come. Reports which follow this are expected to go on to record further falls in coming months, as the DCLG maps price falls into the rest of the year: ‘The housing market correction is only in its early stages. The credit crunch shows no signs of easing, while the economic and labour market outlook is rapidly deteriorating,’ said Seema Shah from Capital Economics. ‘This will weigh heavily on buyer confidence. As such, we will almost certainly see further falls in all house price indices in the coming months.’
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