Capital bucks house price trend
House prices increased in London and the south east this month but fell or remained flat in the rest of England and Wales.
A survey by property market information company Hometrack published today shows prices in London increased by 0.6 per cent in May compared to April, pushing the average price increase for England up to 0.2 per cent. The only other areas to see price increases were the south east and East Anglia which both had increases of 0.1 per cent.
All other areas of England saw prices fall or remain stable. Prices fell in the north east, north west, Wales and Yorkshire and Humberside.
Despite the overall monthly increase of 0.2 per cent, prices fell year-on-year by 0.6 per cent.
Richard Donnell, director of research at Hometrack, said: ‘Increased mortgage rates and mounting concerns over the impact of the Eurozone on the UK’s economic growth and employment are likely to keep demand and prices in check as we move into summer.’