Stark contrasts are emerging between house price data from different indices, with some reporting annual falls of more than 10 per cent, while others are still showing year-on-year increases. The conflicting information is presenting a confusing picture of what is happening in the underlying housing market.

The indices compiled by Nationwide and Halifax, the mortgage lenders, are showing the sharpest downturns. Last week, Nationwide reported that average house prices had fallen 10.5 per cent in the year to August. Halifax echoed that message this week, saying prices had dropped 10.9 per cent.