Average UK house prices fell by 1.8% in February – the 16th consecutive monthly drop – according to figures from the Nationwide House Price Index.
Prices have now fallen by a record 17.6% in the past year.
According to Nationwide, the peak-to-trough decline in house prices in the early 1990s was 20.2%.
Since the peak in October 2007, house prices have now fallen by 20.6%.
Nationwide said the average cost of a home in February was £147,746, down from £179,358 this time last year.
Capital Economics property economist Seema Shah said: “The sharp drop in prices in February dispels any hopes that the housing market has moved into 2009 on a stronger footing.
“Indeed, if the average rate of decline seen in the first two months of the year persists, house prices will be more than 30% below their peak by December.
“Today’s data adds weight to our belief that, contrary to the image presented by the Halifax figures for January, the end to the correction is nowhere in sight.”
