Halifax figures for January show a 2.3 percent fall last month. So far they are down 20 percent from their peak.

The graph above illustrates that the falls are much, much worse than the last property crash. No wonder when the rises were far in excess of anything we've known.  

Anyone thinking of buying a property should heed this sentence in note today from Citi:
 “We doubt that house prices have yet reached their low, and expect that prices will fall a further 10%, and perhaps 20% from here.”

See the Spectator article.