House prices fell for the 15th month in a row during January, wiping a further £2,500 off the average cost of a home, figures have shown.

Nationwide Building Society said prices dropped by 1.3% during the month, while the annual rate of decline hit a new record high of 16.6%.

The latest slide left the average home costing £150,501 - more than £35,500 less than at its peak in October 2007.

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Also adding to the new year cheer is:

Belfast, Liverpool, Wigan and Hull have been put on a recession "red alert" as a study reveals the downturn will hit Britain's leading cities harder than expected.

Bristol, London and Edinburgh have been awarded an "amber" rating by the Centre for Cities research group.

Only cities in the South East look likely to remain unscathed, with Cambridge and Oxford unsurprisingly being given a fairly clean bill of health.

Not so much survival of the fittest but the smartest.

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