Decline in houses prices revealed

House prices fell in nearly 80% of postcodes across England and Wales over this year, but the strength of the London market boosted by demand from overseas buyers prevented the overall decline from being even worse, property analyst Hometrack has said.

Average prices declined by 2.1% overall, but in some of the most desirable areas of London they went up by as much as 5% over 2011, recording an average increase of 1% across the capital.