Amid the deluge of Bank Holiday weekends house prices took a little it of a battering, with house prices edging down.
Average home prices in England and Wales lost 0.1% of their value in May according to Hometrack.
Richard Donnell, director of research at Hometrack, said: ‘Demand for housing fell for the first time in three months in May putting downward pressure on house prices once again. The late Easter break and May bank holidays reduced the volume of traffic through agents' offices, but of greater significance is the growing evidence of weakening consumer confidence. With concern over household finances and the wider economic outlook, demand for housing is likely to continue to post further modest declines over the summer.’
Hometrack said that the slow down in transactions would lead to estate agents reducing the price of properties they have for sale. This is despite the fact that many sellers are already accepting up to 7% less than their asking price.