The latest figures from the Land Registry reveal house price growth in the UK has fallen into the red for the first time.
While the official statistics which record the sale price of every property transaction in England and Wales recorded growth of just 0.1 per cent in June, this has now fallen to -2 per cent.
This is the first time the figures have fallen into negative territory, and represent the lowest ever recorded by the Land Registry.
Prices fell by 0.6 per cent in July alone, in the eleventh consecutive monthly fall, with the average property price in England and Wales standing at £178,364 as a result.
All types of property recorded falls during July.
Semi-detached, terraced and maisonette properties all fell by two per cent, while detached properties recorded a slightly steeper 2.3 per cent fall.
Across the country, Wales was the biggest loser during the month, with prices dropping 2.5 per cent. The East, East Midlands and West Midlands also saw drops of 1.9, 1.1 and one per cent respectively.
Prices were up in the north-west and north-east by margins of 0.3 and 0.7 per cent respectively.
In London, prices are faring slightly better. During July, the average price of a property in the capital increased by 0.7 per cent, to an average of £348,366, with annual growth still at 1.7 per cent.
The Land Registry also reports significant falls in transaction levels.
Between February and May 2008, transaction volumes averaged 59,622 a month. This is a decrease from the same period last year, when sales volumes averaged 99,024.
The pattern of reduced transaction volumes in London continues to mirror the rest of the country.