The national annual rate of decline continued to accelerate to hit a fresh record of 12.2 per cent, with a monthly drop of 1.9 per cent to £161,883.
It is the 15th consecutive month that the annual rate has declined, and the average house price is now similar to February 2006 levels.
The number of homes changing hands also continued to slide, with an average of just 48,599 property sales each month between June and September, less than half the average 115,697 transactions a month in the same period in 2007.
In September, the last month for which figures are available, sales totalled 38,508, down 61 per cent from the same month in 2007.
Every region in England showed falling property values, with the south east showing the steepest monthly fall at 3.2 per cent. The annual fall in the East Midlands was 14.2 per cent.
Meanwhile, Britain's biggest mortgage lender, the Halifax, said that houses were now more affordable than they have been for the past five years. The house price to earnings ratio dropped to 4.56 in November - well down on the peak of 5.84 in July last year.
The fall in house prices helped to treble the number of local authority areas where the average first-time-buyer home is affordable for a single person on average earnings, from just four per cent in 2007 to 14 per cent now.
Scotland saw one of the biggest rises in affordability, and there was also a big increase in Yorkshire and Humberside.
But there was no increase in London, the South West, the West Midlands, Wales or Northern Ireland.
Martin Ellis, Halifax chief economist, said: "There has been a marked improvement in housing affordability in many parts of the UK.
"First-time buyers, in particular, are benefiting, especially outside the south of England and the Midlands."
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