According to the Land Registry's house price data list for July, the cheapest area for property was the North East, where the average home set buyers back just £101,143.
And it's getting cheaper, this is the only region to record a decrease from June to July this year, with the average price dropping by 2.3%.
The value of properties in this area has fallen dramatically in the past year, with the average house price in the North East being 8.8% lower than it was in July 2010 .
Second cheapest was the North West, where the average property cost £114,452, which is a 1.2% increase on the level recorded in June.
The most expensive
No prizes for guessing which region topped the list - London. Here the average house price reached a whopping £346,416 in July, which is 1.9% more than it was in June.
Second most expensive was the South East, where the average house set buyers back £209,309, which is 0.9% more than the previous month.
The South West and East came third and fourth, with the average prices being £174,946 and £173,393, respectively.
Detached vs semi-detached
Detached houses were the most expensive property type in England and Wales last month, with the average house of this kind fetching £256,545.
This was followed by the semi-detached house, which had an average price of £154,219, the flat/maisonette (£151,519) and the terrace (£124,453).
How to reduce your mortgage payments
Regardless of whether your house is in an expensive region or not, there is a simple way you can reduce your mortgage repayments - shop around for a cheaper deal.
If you're in the process of buying a new property and are looking for a mortgage, make sure you select one that offers a competitive introductory rate, but also bear in mind the sign-up fees and the overall cost of the mortgage.
First Direct is currently offering a two-year tracker mortgage that comes with an initial rate of 1.99%. At the end of the two-year period, you may want to look into remortgaging as the rate increases to 3.69%.
Those who are remortgaging may want to consider Skipton Building society's two-year tracker, which has an introductory rate of 1.98%, rising to the Base Rate plus 4.45% after this period expires.
If it's a fixed or capped mortgage you're after, then Chelsea Building Society's two-year fixed may be worth a look. This comes with an initial rate of 2.39% and a subsequent rate of 5.79%.
Alternatively, Santander's two-year fixed offers an initial rate of 2.49% and a subsequent rate of 4.24%.
Whichever mortgage deal you opt for, make sure you read the fine print carefully to be 100% sure it is the right one for you.