House prices across the UK are up, a bit, on last year - but for people buying in the capital there are some hefty discounts to be had.
That's according to the Land Registry - which tracks the price paid for every home in the UK and compares it to what the exact same home last sold for.
The figures show prices in North West England are rising faster than anywhere else compared with last year, while the South West saw the biggest month-on-month rise.
But the picture in London is very different.
For years prices paid in the capital soared fasted than the rest of the country, they are now coming back down to Earth with a bump.
The average flat is now £21,064 cheaper than last year, while detached homes are changing hands for £55,090 less than 12 months ago, semi-detached properties lost £23,309 of their prices and terraced houses fell by £14,308.
Jonathan Hopper, managing director of Garrington Property Finders , said: “Such a punishing drop in London house prices is a reminder that the capital’s correction is still underway."
He added: “The scale of London’s fall – the largest seen since the recessionary plunge of almost a decade ago – is also a reminder of the definitive shift in the dynamic in the capital.
“Buyers are now setting the tempo, dictating terms in price negotiations and frequently able to secure additional discounts on properties that are already reduced."
That said, even after the falls London prices are still far higher than the rest of the country.
All types of house sell for more than twice the price in London than the average for the rest of England, while flats change hands for £177,751 more.
Outside of London, there were also monthly price falls in the East Midlands (-1.2%), North East (-1), Wales (-1.4).
