March saw house prices fall by 0.6% - the biggest monthly drop since June 1995 says lender Nationwide in its latest monthly survey of the UK market.
The current slowdown in the housing market is not detracting investor confidence in property investment, research suggests.
House prices continue to cool, declining 0.5% in February, according to mortgage lender Halifax.
Latest Nationwide figures suggest house prices gained in February but that the rate of house price inflation in the past 12 months has slipped again.
House prices climbed again in January in comparison to the end of last year, but the average price of a UK property continued to fall a fraction, says Nationwide.
Nationwide's house price index for December shows the market continues to slide as house prices dipped nationwide by 0.2% on average.
A survey looking at attitudes towards Christmas reveals almost a third of the population expect to go overdrawn during the festive period.
House prices are predicted to rise by only 2% in 2005, says Nationwide, suggesting a significant slowdown in the housing market is on its way.
House price growth in England and Wales continues to show resilience amongst recent reports of a cooling market and higher interest rates.
Prices of residential housing fell in the past month for the first time in three years, data from Nationwide suggests.