House prices in England and Wales fell by 0.2% during May, official figures show today.

The fall follows a month-on-month rise of 0.2% in April and a 0.6% fall in March, and leaves the average home costing 165,314, according to the Land Registry (see the Free House Price Valuation guide).

The annual rate of house price growth also fell during the month, dropping to 8.2% compared with 8.5% in April - the first time annual house price inflation has worsened since April last year.

The figures contrast with May's Nationwide house price index which showed a month-on-month 0.5% rise in May, in addition to gains of 1.1% and 1% in April and March, respectively.

Halifax reported a month-on-month 0.4% drop in May, following a 0.1% dip in April and 1.1% rise in March (see the House prices confusion MSE News story).

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House prices down in May