According to the Land Registry, property prices fell another 2% in February, confirming what the Halifax and Nationwide have already stated.

This pushes the annual rate of decline to 16.5%, with the average property price now standing at £153,862, that’s £30,361 down in the past year (figures from Land Registry).

This is particularly worrying for anyone with a mortgage loan that was taken out within the last few years, as there is a real danger of many people facing negative equity