According to new research by house prices website Zoopla, the average value of homes in Britain has been falling by almost £44 a day since January this year. This has wiped a staggering £300 billion in value off the housing market.
As the property market continues to battle against the fallout from the global credit crunch, the figures show that property in England has been the worst affected. Property values are down £11,343 since the beginning of the year - or £46.49 per day on average, whereas values in Wales have dropped by an average of £10,742 or £44.02 per day since January. Scottish property prices have fared slightly better losing only £4,928 or £20.20 per day on average over the same period.
New figures have been released to show the most and least affected areas of the country. According to this data, Berkshire has been the hardest hit county, with the average home recording a daily loss of £75.51, or a weekly value drop of £528.57.
However, the analysis also reveals pockets of Britain where values have held steady since earlier this year, either down only marginally or, in a handful of cases, actually seeing a rise in values. Most notably, Peterhead in Aberdeenshire has seen house prices increase by 1.22 per cent since January.
For free current value estimates for your home, visit Zoopla.co.uk.
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