London house prices down £1,300

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The biggest drop was in Tower Hamlets where the average price fell by £4,300. This was followed by Sutton (down £3,500), Camden (down £3,300), and Southwark (down £3,100).

Richard Donnell, director of research at Hometrack, who compiled the figures based on reports from thousands of estate agents, said prices had been forced down by weak confidence.

However, he added: "The scale of the recent falls is relatively small when put in the context of the massive-gains of the last few years." He added: "The turmoil in world markets over the last week will have done little to encourage market activity.

"As buyers and sellers sit and wait, we are likely to see a continued lack of housing coming to the market for sale, which will support prices in the short term."