UK house prices fell by 1.2 per cent in October according to the latest FT House Price Index, the eighth consecutive monthly drop and the fourth month in a row in which the drop exceeded 1 per cent.

Average prices of houses in England and Wales are now 6.2 per cent lower than they were the year before with London prices showing signs of rapid decline. House prices in London have now fallen an average 2.5 per cent over the past three months.