Property prices in the UK plummeted during the month of the May. This fall, the first since April 2009, provided house owners and investors with a harsh reminder that markets were yet to regain its full glory. The information was compiled by the Land Registry which oversees finished transactions.
According to the report produced by the Land Registry, specific areas of the UK experienced price falls in the range of 3.6%. In England and Wales, the average property rates decreased from £165,596 to £165,314. Even in the face of such a reduction in rates, the property prices still stood well out of the reach of most newbie buyers. While the relevance of the data can be doubted, what goes without questioning is the fact that the UK property sector is still sluggish and nowhere closer to the high peaks it had once hit.
While this negativity maybe exclusive to the just the Land registry report, there is no denying the fact that a large percentage of the property surveys also points to a deceleration in property price growth.
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