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Lloyds reveals 6.9% price rise

Lloyds Banking Group has revealed an annual house price rise of 6.9% to £167,570 in May.

On a monthly basis, prices declined 0.4%, which follows a 0.1% decline in April.
Martin Ellis, housing economist for Lloyds Banking Group, says: "The mixed pattern of monthly price rises and falls so far this year is consistent with a slowing market and is in line with our view that house prices will be flat during 2010 as a whole.

"The relative recovery in house prices in 2009 was driven by a boost to demand from reduced interest rates combined with a lack of properties for sale. These factors have lost some momentum in recent months."

He adds: Further falls in the number of people in employment are curbing housing demand whilst the pickup in market conditions last year has encouraged more homeowners to attempt to sell their property."

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