The continuing slowdown of house prices in England and Wales has been confirmed by figures from the Land Registry. It said property prices fell by 0.2% during April, taking the average house price to £183,626. That drop meant that the annual rate of house price inflation fell again, from 3.6% to 2.7%.

It was the eighth month in a row during which annual property inflation has fallen, though the decline has not been as fast as suggested by other surveys. This point towards a continuing weakening housing market. Many other reports, from lenders such as the Halifax and the Nationwide, and also from surveyors, have claimed that prices have fallen so fast that they are now lower than they were a year ago.

On Thursday, the Nationwide said prices were now 4.4% down on May last year and had dropped at a record rate. However, the Land Registry survey, which covers all completed property sales and not just those of particular lenders, suggests that point has not yet been reached in England and Wales.

There are big variations between regions. Property prices have fallen during the last year in the East Midlands, Wales and the West Midlands. In London, they are still nearly 7% higher than a year ago.

The mortgage market continues to be volatile, as lenders launch and then withdraw their latest deals at a rapid rate, often within two weeks of their being launched. From next Monday the UK's biggest lender, the Halifax, is shaving an average of 0.3% from its various fixed rate mortgage offers. By contrast, earlier this week the Abbey raised some of its rates, reversing cuts announced only two weeks ago.