House prices fell 1.4 percent in the month of October to post their biggest annual drop since comparable records began in 1991, the Nationwide building society said on Thursday.

About 1.2 million households could fall into negative equity if the housing slump continues during the global economic downturn, the Bank of England said on Tuesday.

Turmoil in global financial markets is forcing pension fund trustees to put off pursuing a buyout for their schemes, leaving volatile pension risks on company balance sheets, industry executives say.

House prices kept falling sharply in the three months to August even as the average number of home sales per surveyor hit a new low, a survey showed on Tuesday.

London's housing market may be cooling, but not when it comes to 10-bedroom mansions with designer interiors, indoor swimming pools and private gardens in the capital's most sought-after neighbourhoods.

House prices fell 1.8 percent in August to stand 12.7 percent lower than a year ago, the sharpest annual fall since records began 25 years ago, the country's biggest mortgage lender HBOS said on Thursday.

Gordon Brown cut an unpopular tax on home purchases on Tuesday as part of a package designed to boost the country's slumping housing market and lift his flagging political fortunes.

The Exchequer said on Tuesday properties worth less than 175,000 pounds would be exempt from a home purchase tax known as stamp duty for one year from Sept 3, up from a 125,000 pound threshold now.

Prime Minister Gordon Brown unveiled plans on Tuesday to boost the country's slumping housing market as he launched a fightback after nearly a year trailing in the opinion polls.

Mortgage approvals fell for the 12th consecutive month to hit a series low in July, the Bank of England said on Monday, pointing to further sharp falls in house prices in the coming months.

House prices fell for an 11th straight month in August to stand 5.3 percent lower than a year earlier, a survey by property consultants Hometrack showed on Monday.

House prices fell 1.9 percent in the month of August to post their biggest annual drop since monthly records began in 1991, the Nationwide building society said on Thursday.

Mortgage approvals for house purchases remained near a record low in July and the British Bankers' Association said there was no sign yet of a property market recovery.

Councils are seeking greater powers to offer home loans in the hope of boosting the struggling housing market and preventing the collapse of regeneration projects in towns and cities.

Plummeting house sales and depleted mortgage markets have led to a surge in demand for rented housing, tempting many frustrated home sellers into renting, the Residential Lettings Survey from the Royal Institution of Chartered Surveyors (RICS) showed on Tuesday.

The amount of privately rented accommodation is likely to shrink by about two-thirds in the next few years as more investors pile out of the buy-to-let market, savings group Skandia said on Monday.

Court orders for mortgage repossessions in England and Wales rose an annual 24 percent in the second three months of the year to 28,568, the Ministry of Justice said on Friday.

HBOS will cut up to 425 jobs and shut one of its five mortgage brands to new business as the group positions itself for a shrinking loan market and a drop in house prices.

House prices fell slightly less than expected in the three months to July but the number of completed sales per surveyor fell to their lowest in at least 30 years, a report showed on Tuesday.