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According to the data, home values are down nine per cent on those recorded a year ago and have decreased 3.14 per cent when compared to figures from the final three months of 2008, the BBC reports.
As a result, the average price has dipped to £198,939.
The data, which is considered to be the most authoritative in the sector, shows the extent of the property slump so far this year and and may be of interest to those involved in stock market trading.
All property types decreased in value during the three-month period, however the fall was slower when compared to the previous quarter.
In related news, the British Bankers' Association recently revealed that the number of mortgage approvals dipped 6.8 per cent in March when compared with statistics from the previous month.
