Private home prices fell by 0.9 per cent in the last three months of last year, a slightly faster pace than previously estimated, the Urban Redevelopment Authority (URA) said on Friday.

Earlier this month, the URA had estimated that private home prices fell 0.8 per cent in the fourth quarter last year, based on transactions in the first 10 weeks of the quarter.

The decline in home prices is the first in nearly two years and comes after prices rose 0.4 per cent in the third quarter of last year.

Rents for private homes also sank in the fourth quarter, falling 0.5 per cent in their first decrease since 2009.

Prices fell most in the central areas, tumbling 2.1 per cent in the fourth quarter after a 0.3 per cent drop in the preceding quarter.

In the suburban areas, prices slipped 1 per cent - the first decrease in four and a half years.

Homes in city-fringe locations were the only ones that saw their prices rise in the fourth quarter, gaining 0.4 per cent after a 0.9 per cent decline in the third quarter.

For the whole of last year, private home prices rose 1.1 per cent, down from the 2.8 per cent increase in 2012, the URA said.

Prices fell 1.9 per cent in the core central areas and 0.1 per cent in the city-fringe areas last year, but rose 6.5 per cent in the suburban areas.

Landed home prices were unchanged across last year.