According to figures published today by the Office of the Deputy Prime Minister (OPDM), the average UK house price in November fell to £180,226 from Octobers figure of £180,444. However the figures also revealed that house prices were 13.8% higher in November than a year before.

Although the data released by the ODPM is two months old, it is based on actual transaction completions rather than asking prices or mortgage approvals and so is viewed as among the most accurate measures of the market.

Commenting on the report, George Buckley, UK economist at Deutsche Bank told Reuters: "With mortgage approvals slipping and the lenders reporting lower rates of house price inflation than earlier last year, we remain confident that the official measure of house price inflation will fall sharply during 2005."