UK house prices fell in annual terms in April, an authoritative survey on the housing market showed.
Halifax, which is part of the HBOS banking group, said house prices dropped 1.3 per cent month-on-month, a further significant decline following March's 2.5 per cent negative reading.
This monthly fall pushed annual price growth into negative territory for the first time in more than a decade, falling 0.9 per cent.
The last time the annual rate was negative was in February 1996, when prices fell 0.8 per cent.