Latest figures from the Land Registry show that property values faced an annual decrease of 2.2 per cent and a monthly fall from April to May of 0.4 per cent.
The average property in England and Wales is now worth £161,823.
The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a rise of 2.9 per cent. The East Midlands experienced the greatest monthly rise with a movement of 0.4 per cent. The North East again experienced the greatest annual price fall with a decrease of -6.9 per cent. Wales is the region which experienced the most significant monthly price fall with a movement of -3.5 per cent.
