Although Halifax believes there is "some support" for house prices at current levels, latest monthly indexes have aroused fears prices could be considerably lower than today by the end of 2012.

Britain's largest lender, Halifax says a fall in prices in April of 1.4 per cent ensured a fall for the quarter of 1.2 per cent, compared with the previous quarter.

The current average house price of £160,395 compares with the low of £154,663 recorded in April 2009.

At the peak of the market, in August 2007, Halifax says prices averaged £199,612, so the average house price has fallen by 20 per cent since then. In depressed areas, falls are considerably greater.

Nationwide BS recorded a 0.2 per cent fall during April to an average £165,609. In April 2010, its average was £167,802.

From the agents' viewpoint, the monthly survey from the Royal Institution of Chartered Surveyors (RICS) confirms a "downbeat picture" for house prices -some 21 per cent more surveyors reported price falls rather than rises in April, but 18 per cent more saw a rise in new instructions than a fall.

Halifax housing economist Martin Ellis says: "Signs of a modest tightening in housing market conditions, a relatively low burden of servicing mortgage debt and an increase in the number of people in employment all provide support for house prices, curbing the pace of decline."

However, other market commentators are telling vendors with homes already on the market to think carefully about any offers they receive, or otherwise accept that they are unlikely to move for months.

What's more, the National Institute of Economic and Social Research has just predicted house prices could fall in real terms for the next five years.

Nick Hopkinson, director of PPR Estates, says: "Besides the recent estate agent surveys, even lending banks are tacitly admitting we now have a buyer's market which is setting house prices.

"This latest data from leading lenders confirms how shaky buyer confidence currently is in future house prices.

"A recent slight drop in unemployment will be little comfort to households facing ballooning inflation, austerity cuts and tax rises.

"Anyone needing to sell their property in 2011 must accept prices are on the way down now."