UK house prices fell for the fifth consecutive month in July, according to the latest FT House Price Index, but remained marginally higher than they were the year before in stark contrast to other widely-watched indices.

Excluding London, where prices have proved more resistant to the downturn, UK house prices fell 0.6 per cent on a monthly basis. Nationwide, they fell 0.3 per cent and are only 0.3 per cent higher than they were in July 2007.