UK house prices are now lower than they were three months ago and the weakness shows signs of spreading to London which has appeared resilient up until now, according to the latest FT House Price Index.

Video : UK Daily View

Chris Giles on the latest FT survey

On a monthly basis, house prices in England and Wales rose by 0.1 per cent, according to Acadametrics, the research firm which compiles the index. But previously reported rises in November and December have been revised downward, leaving the average house price at £229,625 against £230,284 in October.