The number of house sales (actual transactions) in the first quarter of 2005 has fallen dramatically, compared to the same time last year.

The latest Land Registry figures reveal that 159,116 properties changed hands during the first quarter of 2005, 35% lower than the period last year.

However the average property sold for £183,486, compared to £163,404 pounds last year.

Mick McGuire of the Principality Building Society says: "The figures are very accurate but people need to take into consideration that there is a lag on the information provided and it does not reflect the market as it stands."

He adds: "Recent figures from building societies and estate agencies have indicated that house prices growth has slowed across the UK at an even greater rate than the 10% growth quoted by the Land Registry for the first quarter of 2005."