House prices fell by 0.6 per cent in May in England and Wales according to the latest FT House Price Survey published on Friday, the third monthly drop in a row and the sharpest one month fall since February 1995.

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Norma Cohen on more gloom for the housing market

The data, while negative, present a far more benign picture of the UK housing market than other widely quoted surveys. The contrasting results underscore how slight differences in what gets measured can lead to a very different picture of housing altogether.