House prices dropped by 4.6 per cent in the month of August, new figures have revealed.
According data from the Land Registry, the average house price has decreased to £174,493, which could affect secured loan holders around the country.
Meanwhile, the average house price in London is now £336,620 following a fall of 3.6 per cent over the last year.
The lowest average house prices are found in the north-east of England, with the typical property there costing £125,259.
Meanwhile, despite the fall in house prices, it could still be a long time before first-time buyers can purchase a property.
Fair Investment Company stated yesterday that it could be 15 years before many first-time buyers save enough money for a deposit of a secured loan.
"The results just go to show the reality of how first-time buyers don't stand a chance without hefty savings or generous parents," Sharon Bratley from the firm said.
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