There has been a slight resurgence in property prices in May, although the annual rate of house price inflation has fallen again in the month, according to TEAM, the country’s largest network of independent estate agents. Interest and activity remain strong.

TEAM’s latest national survey shows that nationwide the average price of homes ‘under offer’ was £165,132 in mid-May – an increase of 2.5% compared with April.

The average rise in the last 12 months has, however, fallen again to a figure of 18.2%. The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales and reflects a daily average of 2,062 homes listed as under offer by agents in the four-week period to mid-May.

May TEAM figures:

• Average house price - £165,132 (under offer price)
• Monthly change – 2.5%
• Annual change – 18.2%

North London & Herts and East London are showing the first significant increase for several months. While prices in Devon, Surrey and Sussex remained flat, there were sharp monthly increases in Dorset & West Hants, Anglia, South Wales and Kent.

TEAM’s national chairman, Philip Muzzlewhite commented, “As predicted, the property market has bounced back after a brief period of doubt during the Iraq war. A more worrying feature is the lower level of sales being achieved which works against the normal trend at this time of year. The flat market appears destined to continue through the summer.”

Jim Atkins, immediate past president of the National Association of Estate Agents, who is also a TEAM member and based in Dorset said:

“Whilst sales levels are lower than this time last year, interest and activity remain strong. Prices have taken a knock in London and the South East, are steady in the South and West, and in many parts of the North are still increasing.”

“Buyers are discerning in making their decisions but many agents remain busy with enquiries, viewings, valuations and instructions.”

“Sellers need to listen to their agents with regard to pricing and deal with a professional agent, in order to achieve the best from their sale in terms of price and service.”