House prices in the West Midlands rise
Nationally, the average home lost 0.3 per cent of its value during the month, the smallest drop for more than a year, bringing the annual rate of decline to 16.2 per cent.
The figures came as property intelligence group Hometrack said house prices remained unchanged in May – the first time in 20 months that the survey has not recorded price falls. And lender Nationwide reported a 1.2 per cent jump in UK house prices during May – the second increase in three months.
Meanwhile, the Cips activity index provided another boost to the economy with news the recession in the manufacturing sector eased for the third month running in May.
The index posted a reading of 45.4 in May, near to the neutral mark of 50 and an improvement on the 43.1 seen in April. Howard Archer, chief UK and European economist at IHS Global Insight, said: “The Land Registry data adds to mounting evidence that the decline in house prices is moderating appreciably.”
But he added: “We remain highly sceptical that house prices have bottomed out. Significantly, it is not uncommon for there to be months of rising prices when house prices are still trending down.”
