The latest monthly figures from Halifax, the UK’s largest mortgage lender, have revealed that house prices fell by 2.5% last month, the biggest monthly decline in 16 years. Prices are now just 1.1% higher than they were a year ago, the slowest annual growth rate for 12 years.

The Halifax has also revised its predictions and now expects prices to fall over the course of this year with the Nationwide taking a similar stance earlier this month after reporting that prices had fallen for five months in a row.

"The overall impression is that house prices were buckling markedly under the substantial pressure emanating from increased affordability constraints and markedly tighter lending conditions even before the latest escalation of the credit crunch” said Global Insight chief economist Howard Archer.

With realistic capital growth figures in the best emerging markets overseas in excess of 20% per annum, now is surely the time to increase your overseas portfolio further or to begin amassing one.