According to the BBC, house prices went down by 16,5% and reached the level of September 2004.

It means the average property is now worth £153,862, down by £30,361 in the past year.

http://news.bbc.co.uk/2/hi/business/7967715.stm

I think the calculation is wrong, because a pound is not worth a pound all the time. You could buy a lot more with your pound last year then now and prices went up.

The thing is that the pound has lost 25% as well, so altogether house-prices have not lost 16,5% they have lost about 40%!

If you told anyone house prices would go down by 40% last year, nobody would have believed you last year or 2 years ago....I told to a friend of mine 3 years ago that house prices would be overvalued by at least 50% in the UK and this has almost become true now...

But still, £153,862 pounds is a lot of money for a couple of bricks...