House prices post biggest fall since 1993

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Last month, Halifax reported house prices falling 2.5 percent on the year, the fastest monthly rate of decline since 1992.

While the housing downturn is gathering pace, prices have nearly trebled in the last decade and analysts said record levels of employment suggest the market is not about to crash like it did in the early 1990s.

"We think the unemployment rate is only going to rise by half a percentage points compared to over 3 percentage points in the early 1990s which forced people to sell their homes," said BNP's Clarke.

"Until now it has been a fall in demand. We havent seen a tidal wave of people trying to sell yet."

(Reporting by Matt Falloon and Sumeet Desai, editing by Mike Peacock)

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