Acadametrics believes this indicates that the housing market stalled in May although said it remains unclear as to whether this is the start of a sustained decline. There were modest price falls in every region in England and in Wales according to its data.
The number of properties sold in May fell by an estimated 18% from April levels which were, themselves, running at approximately 35% less than the number of properties sold in April 2007.
The value of the average home in England and Wales fell by 0.2% in May, according to Acadametrics.
The annual average price of all residential property transactions in England & Wales was 9.7% higher than it was a year ago. The annual rate of change has begun to decline from its peak in February 2010, however.
Commenting, Dr Peter Williams, chairman of Acadametrics, said: “Perhaps unsurprisingly, given the widespread uncertainty that exists, the housing market dipped in May. The average price of a home in May 2010 was £220,352 - slightly down on April?s figure and well below the peak of £231,828 in February 2008. On a regional basis, we saw price reductions in all regions, ranging from a 2% fall in the East Midlands to a 0.1% fall in Greater London.”
