However, the average hides some surprising regional variations.
Prices in London dropped by -1.8% in March, while average property values in the North East grew by 5.6%.
Russell Quirk, founder of low cost online estate agents, eMoov.co.uk, said: “Topsy turvy is how I would describe this latest house price data from the Land Registry.
“For the North East to show growth of 5.6% and the capital to shed 1.8% is a bolt from the blue.
“The latest data shows that London is human after all.”
However, on an annual basis, the capital continues to outperform the rest of the country, growing by 0.7% between May 2011 and May 2012. In terms of regions, Wales saw the biggest drop in average prices during that time, losing 5.5% in value.
But some counties/unitary authorities in England have witnessed far more dramatic losses over the past year. Hartlepool saw prices dive by 13.8%
“There’s neither rhyme nor reason to house prices right now,” Quirk observed.
“With transaction levels so low, prices can swing dramatically from one month to the next. And that’s what’s happening month after month.”
