The average house price now stands at £153,862 representing an annual decrease of 16.5%.

In London the average price fell 15.6% annually to £298,563.

It is the eighteenth month in a row where the annual rate of change has fallen, in contrast to 21 months of uninterrupted increases in the average annual rate of change between December 2005 and August 2007.

The North West was the region which saw the most significant monthly price fall with a movement of -4.1%.

The most up-to-date figures available show that during December 2008 the number of completed house sales fell by 55% to 36,341 from 81,300 in December 2007. In London 3,957 house sales were completed in December 2008 compared with 9,543 in December 2007 - a fall of 59%.