House prices in England and Wales have fallen back to their lowest levels since October 2006, following 10 consecutive monthly falls, according to the FT House Price Index for December.

According to the index, the average price of completed house purchases stands 10.4 per cent below that of December 2007 and all 10 regions in England and Wales show prices falling on both a monthly and an annual basis. In December alone, the index fell by 1.8 per cent and is the sixth consecutive month in which house prices have fallen by more than a full percentage point.