and this is excluding june/start july
Homes at auction take a hammering
The average cost of a home being sold at auction has slumped by 17% during the past year, figures show.
Homes that went under the hammer between March and May fetched an average of £140,500 - £28,700 less than they sold for during the same period of 2007, according to research by the Liberal Democrats.
The study, based on the sale price of 4,748 properties around the country, found the rate of price falls accelerated to 18.5% in May.
There has also been a drop in the proportion of homes that are successfully sold at auction, with just 57% of all properties going under the hammer sold between March and May, down from 74% a year earlier.
The Liberal Democrats claimed the figures showed that annual house price falls were currently much steeper than the drop of around 6% currently being reported by house price indexes.
The party's Treasury spokesman, Lord Oakeshott, said: "Auctions are the sharp end of the housing market where real deals show the prices paid by real buyers. The published house price indices are well behind the game."
He said property professionals expected house prices to fall by 16.5% as measured by the Halifax house price index during the coming year and by 26.5% during the coming three years.
He said: "Ministers must wake up now and let housing associations and councils buy empty homes for social housing to rent.
"The feeble Government response to the housing crash so far has been like throwing pennies down a drain."
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