House prices fall for a second consecutive month as Halifax reports their latest Price Index.
According to the report, "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."
Released by Lloyds TSB/HBOS the Halifax House Price Index fell 0.4 pct month on month in May, after falling 0.1 pct in April.
The drop is thought to be due to falling employment - a lack of new funds entering the market compared with steep rises in Capital Gains Tax by the Government, sending a flood of new property onto the market ahead.
Ross Walker, economist at RBS said: "What is more surprising is the resilience of house price inflation against this inauspicious funding/income backdrop".