UK properties lost £100 in value every day

The average UK residential property has lost £100 per day, every day since March last year, wiping almost £1 trillion of value off the housing market, it is claimed.

House prices in England have been hardest hit, dropping an average of £110 per day or £36,643 over the last twelve months, with average home values in England now standing at £202,447, down 16.6%, according to the figures published by zoopla.co.uk, the property price comparison website.

Prices in Wales have fallen £68 per day, down 14.7% with average house values now at £144,954 and Scotland has the slowest decline with average house prices depreciating by £42 per day to a current average value of £146,640.

Detached properties have fallen at a rate of £150 per day whilst flats have depreciated at a daily rate of £93. Semi-detached properties have gone down £89 a day and terraced houses have been falling £79 per day.

Properties in London and the South East region have been the biggest losers, with average property prices in London falling double the national rate, losing £202 per day. Certain parts of London have seen their values fall over five times the national average with the average property in Kensington falling £719 per day and Chelsea recording a daily drop of £547 over the past year.

At the other end of the spectrum, homes in the North of England have been falling a modest £63 per day on average in comparison.

The figures also show that certain areas have seen values fall much less than the average. In Woodbridge, Suffolk house prices have fallen by only 7.4% in the past twelve months with Hastings, East Sussex down only 9.25% compared to the national rate of decline of 16.6%.

'Our research shows that home owners have faced a difficult year in the property market and whilst there are not many positive indicators in the economy at present, house prices have now fallen to levels where buyer interest is beginning to grow significantly again,' said Alex Chesterman, CEO of Zoopla.co.uk.

'With property searches on Zoopla.co.uk now at a rate of over one per second, we are seeing clear evidence of this increased interest. Providing that buyers gain confidence that the price declines are slowing and sellers are realistic with their expectations, we are likely see a recovery in market activity at least in 2009 which in turn will lead to a recovery in prices,' he added.

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