House prices have fallen for the first time in over a year, according to the Land Registry’s latest figures.
Between April and May, prices in England and Wales fell 0.2% to an average value of £165,314.
The last time the Land Registry reported a fall in house prices was April 2009.
However, the rolling yearly figure was positive for the seventh consecutive month, showing an increase of 8.2%.
London saw the highest annual increase of 14.2%, with the South East experiencing the largest monthly rise in May of 0.9%.
The largest fall was in the East Midlands, where prices fell -3.6%.
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