House prices across the UK fell by 2.6 per cent in November, the Halifax said.

It was the biggest monthly drop since September 1992.

The UK's largest lender said the average UK home lost 16.1 per cent of its value during the year to the end of November, leaving the average price costing £163,605 - nearly £31,500 lower than 12 months ago and at a level last seen in July 2005.