*Shameless selective editing*House prices were unchanged this month. This is the first time for nine months (since June 2010) that the survey has recorded no price fall. London continues to put a gloss on the headline figures. Prices here rose by 0.3% over April offsetting small falls of up to -0.3% across all other regions. There have been three distinct phases of the recent downturn. The second half of 2011 looks set to be the start of another phase where rising supply constrains any further improvement in pricing levels. The increase in demand for housing is unlikely to be sustained over the rest of the year as consumer confidence weakens and household incomes remain under pressure. Together with rising supply this will put house prices under renewed downward pressure.

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