House prices dip 0.4pc in May
House prices in England and Wales fell by 0.4 per cent in May, data from the official Land Registry showed.
Average residential property prices were 2.2 per cent lower than a year ago at £161,823, the Land Registry said.
The only region in England and Wales to buck the downward trend was London which saw an increase in its average property value of 2.9 per cent.
Land Registry data is based on completed property purchases, and so tends to lag the measures based on mortgage approvals published by lenders Nationwide and Halifax.