House prices are falling across large parts of the country, which could signal the end of the 11-year property boom.
Mortgage approvals in April have also fallen, this time to a 12-month low in another indication of weakening home buyer demand.
Official figures from the Land Registry (the most reliable source of house price information) showed prices dropping in 4 of the 10 ten regions into which it divides England and Wales; this is the first time in 7 years that prices have fallen in so many areas in a single month.
The overall national figure still shows a rise, but this is because the continuing property boom in London continues to distort the bigger picture.
In other parts of the country, the bubble appears to be bursting as there were falls of up to 1.1% in April in the North-East, the South-West, the North-West and Yorkshire and Humber.
Because the report covers April, it does not include the effects of the latest interest rate increase earlier this month; the situation now is likely to be even worse as a result.
Across the country, the average house price rose by 0.6% in April, but this was fuelled by a 2.3% jump in London.
As a result, those outside the capital can be confused by monthly property figures which show prices soaring. They are often in stark contrast to their own experience as the value of their home goes down or increases only slightly.
The London property market is fuelled both by rich foreigners and the huge salaries and bonuses paid to City workers and other professionals meaning they are not affected by rising interest rates in the way most buyers are.
In the year to April, the Land Registry reveals, prices in some parts of London shot up by 24 % a year with homes in the in the capital have been increasing in value by a staggering £124 a day.
They have soared so fast, (to an average of £335,000) that many families could not afford to buy their own homes at today's prices.
For the rest of the country, four rate rises since last summer has made buying a property almost mission impossible!
The rises (to a six-year high of 5.5%) have added nearly £1,200 a year to the cost of repaying a £150,000 mortgage. If the rate rises again to 6% later this year (as some experts predict) the situation would become even more painful.
The worrying Registry figures come a few days after one of Britain's top property experts warned that the housing market boom will grind to a halt later this year.
Richard Donnell, director of research at the property information firm Hometrack, said the boom could finally be coming to an end.
By the end of the year, he predicts, house prices will be rising at an annual rate of just 4%, which is below the current inflation rate of 4.5%, and this will be a sharp shock for the UK's 18 million homeowners, who have got used to prices rising by up to 26% a year!
So, is the end really in sight for the property boom or is it just another rumour to make us worry?