According to Halifax the average home in the UK now stands at £154,716, a level not seen since April 2004.

House prices across the country dropped by 17.7% in April from the level 12 months earlier.

The figures suggest the housing market is still a long way from recovery and contrast with those reported by Nationwide last week, which showed house prices fell by just 0.4% in April, following a surprise 0.9% increase in March, while the annual rate of decline eased to 15%.