The pace at which house prices are falling stepped up in October, according to data from the Department of Communities and Local Government, which said its house price index fell by 2.5% in that month alone.

The DCLG index has recorded much more modest declines in prices than the two closely watched indices from the Halifax and Nationwide, possibly because its data include transactions that may take several months to record. In the year to October, prices on average stood 7.1% lower than a year before, said the department.

Financial Times