UK house prices slipped in May from the previous month, pushing the annual rate of house price inflation down to its lowest level in four years, a closely-watched survey found today. The Halifax, the UK's largest mortgage lender and part of the HBOS PLC banking group, said house prices were down 0.6 pct in May from April. That pushed the quarterly year-on-year rate down to 5.7 pct, its lowest rate since May 2001 and way below the July 2004 peak of 22.1 pct. In April, the Halifax reported unchanged monthly house prices for a 7.8 pct annual gain. The average house price now stands at 162,411 stg, down from 163,615 in April. Despite a further easing in house prices, the Halifax was at pains to point out that UK house prices are broadly unchanged so far in 2005 with a decline of 0.1 pct in the first five months of the year. It noted that some monthly rises this year have been followed by subsequent monthly falls in house prices. Halifax said estate agents have reported broad stability in market activity in recent months, although sales remain around 30 pct lower than last year. Halifax's views echo those of the Nationwide, the UK's largest building society, which last week reported a dramatic annual price decline but noted the favourable economic underpinnings to the market.