The May report shows house prices falling 0.2%, leaving the annual rate of decline at 15.9%, a light steadying on the 16.2% annual drop showed in April and March. Four English regions (including the south east) showed slight gains on the month, however transactions over the first quarter were still less than half where they'd been the year before... begging the question whether that upturn in enquiries reported by many agents in the new year has been translating into sales. Watch this space.

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