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A study by London-based firm Hometrack found the price of property dropped for an eighth month in May and predicted the downward trend would continue.
The pound fell to $1.9772 on Monday from $1.9798 late on Friday as the new housing statistics also highlighted the biggest decline in the year since November 2005.
Hometrack's study also found the percentage of sellers who made their asking prices declined to 92.3 per cent in May, the lowest recorded in the survey since it began seven years ago.
The company's prediction of further price falls echoes the conclusion of Bank of England governor Mervyn King earlier this month.
Hometrack delivers valuations and risk analytics to UK mortgage lenders and information solutions to other housing industries.
While the property market is becoming increasing unpredictable and unstable, investors can still make a quick turnaround on their money in stocks and shares.
