UK house prices decline in May

Posted 11/07/2011

Now may be the time for Brits to hire a residential conveyancing solicitor and begin the process of purchasing a new home.

According to the latest house price index from the Department for Communities and Local Government, the value of UK properties declined in May.

Figures show they decreased by 0.5 per cent over the month and 1.6 per cent over the year, bringing the average mix-adjusted house price to £203,528.

In particular, first-time buyers – who may find the help of a professional conveyancer particularly useful – paid 2.1 per cent less for a home in May than they did the same time the previous year.

Meanwhile, values for former owner-occupiers decreased by 1.4 per cent.

Northern Ireland experienced the largest drop in prices over the year, followed by Wales, Scotland and England.

These results echo those recently released by Halifax, as the financial firm’s latest house price index showed a quarterly decline of 0.5 per cent in June.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.