The price of a home in every UK region and where you can buy for just £184,318

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London house prices cost an average of £524,892, down 3.1% since last year.

London house prices have recorded their biggest annual fall in three years, according to a new index from Lloyds Bank.

Despite remaining significantly more expensive than other parts of the UK, the capital has experienced the sharpest drop in property values of any region, falling by 3.1% in the past year.

Across the UK, house prices fell by an average of 1.2% in the past 12 months from last October, bringing the average property price to £296,285.

London is closely followed by the South East and South West, which both went down by 2.4%.

The average property price in London now stands at £524,892 (still the highest in the UK) while the lowest is the North East at £184,318 (which rose by 2%).

This leaves a £340,574 gap between the UK’s most expensive and cheapest regions.

The East Midlands and West Midlands saw the smallest drop in property prices, falling only 0.3%, while some areas saw property values increase, such as Scotland (2.8%), Northern Ireland (4.4%), the North West (2.2%) and the North East (2%).

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