Homeowners pondering whether to move or improve may be interested to hear the latest figures from the Land Registry.
The statistics show there was a year-on-year fall of 16.2 per cent in the average cost of a home in England and Wales in April.
It means the typical home is now worth £152,898 – a fact that may encourage some to upgrade by building a conservatory or new dining room.
The data showed a drop of 0.3 per cent between March and April – slightly less than the 0.4 per cent the previous month.
However, homeowners in London might be glad to know their property is likely to be worth around 1.4 per cent more after a positive monthly change that sees the average capital home come with a price tag of £302,411.
Over the course of the 12 months until the end of April, the south west of England experienced the largest decline – properties in the area are now worth 18 per cent less than they were a year ago.
Meanwhile, Savills director of residential research Lucian Cook suggested house prices may drag along the bottom for a while before the market begins to recover.