House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry.This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease.

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Residential lending was an estimated £14.6 billion, a 22% fall from October and a 51% fall from November last year. Mortgage rationing has left many borrowers unable to take advantage of interest rate cuts as lenders' margins on fixed and tracker rates have soared.

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House prices in November fell at their sharpest monthly rate since the housing market crash of the early 1990s. The nation's biggest mortgage lender Halifax said on Thursday.According to its latest survey, that increased the annual rate of house price falls to 14.9%, as against the 13.7% rate in the 12 months to October.

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