The average house price fell by 2% in December from the previous month to £158,846, according to the figures from the Land Registry, which tracks completed sales.

In London the average price fell 12.9% annually to £307,071 – a level similar to prices experienced in late 2006.

During October 2008 the number of completed house sales fell by 60% to 41,123 from 102,597 in October 2007. In London only 4,604 house sales were completed in October 2008 compared with 13,354 in October 2007.

Figures released today by Nationwide say that house prices have fallen less in January than in previous months.

House price falls by region in 2008

South West: 15.6%
South East: 14.9%
East: 13.6%
West Midlands: 13.6%
East Midlands: 13.5%
London: 12.9%
Yorkshire and Humber: 11.9%
North West: 10.9%
North East: 10.8%
Wales: 8.6%

Source: Land Registry