The Halifax has just recorded its second biggest house price fall in its 25 year history.

The average price of a British home fell 2.6% in November according to the mortgage lender's figures.

It means house prices have fallen on the Halifax unadjusted measure by 19% since last August and 16.2% on the year. The Halifax adjusted measure for the annual fall, which smooths the figures over three month periods, puts the annual fall at 14.9%.

Only in September 1992 has the Halifax recorded a bigger fall when prices dropped a startling 3%.

But the annualised rate of fall over that period never exceeded 9%. In broad terms house prices are falling twice as fast now than in what, up until recently, was regarded as the most disastrous house price crash and unlikely ever to be repeated.

The increase in the pace of the house price collapse measured by Halifax is in stark contrast to earlier figures recorded by Nationwide which saw a slowdown in the rate of fall.

But there is an upside. For those seeking to buy is that Halifax measure of affordability is now at its "most attractive" for five years.

But sadly for those who are looking to borrow this will be a particularly nasty blow, as it will reinforce lenders' fears about borrowing.

At this rate of collapse they will be looking to increase not decrease the deposits they expect.

No doubt there will be squabbles over the meaning and validity of the various house price indexes. But frankly they are all saying the same thing. The market has collapsed and there is no sign yet of it bottoming out.