House prices have dropped by £6,000, or 2.1 per cent, over a year, according to new data.
The research by the Office for National Statistics found this was the biggest drop since 2011.
Those looking to sell their property will take home a better price in some parts of the UK over others.
London has the most expensive properties according to the data released this week, which shows figures in the year up to November 2023.
The most expensive areas to buy have been shared
Most expensive areas in the UK
London – £505,283
South East – £385,844
East – £346,659
South West – £319,221
West Midlands – £243,655
East Midlands – £243,577
North West – £213,333
Wales – £212,866
Yorkshire and The Humber – £209,526
Scotland – £194,006
Northern Ireland – £179,530
North East – £159,871
Houses in London fetched the most at nearly double the average UK house price of £285,000.
The south east and east of England followed close behind among the most expensive areas to buy.
Property in Northern Ireland and the north east of England were the most affordable for anyone hoping to grab a bargain.
Houses in Scotland average £194,006 and Wales homes fetch around £212,866.
Prices in London were the most expensive
The housing market has faced uncertainty over the last year and more is expected in 2024.
Despite this, a property expert suggested the worst could be behind us.
He suggested the upcoming General Election could see major parties make pledges to improve the house-building programme.