House prices fall in May

HOUSE prices fell by 0.4 per cent in May following April’s 0.1 per cent, drop, according to mortgage lender Halifax

The fall still left prices 6.9 per cent higher in the three months to May compared with a year ago and took the average price of a UK home to £167,570.

Analysts had forecast a rise of 0.2 per cent on the month.

Halifax housing economist Martin Ellis said: “The mixed pattern of monthly price rises and falls so far this year is consistent with a slowing market and is in line with our view that house prices will be flat during 2010 as a whole.”