Other countries in the so-called PIIGS countries - Spain (-7.9pc), Portugal (-6.9pc), Italy (-4.1pc) and Ireland (-3pc) - were also among the weakest markets (see the table below).

The fall in the value of Spanish propery was marginally worse than the year before when it was 7.3pc.

Ireland's fall, however, was a vast improvment from a 16pc plunge the year before.