House Prices Fall By £45 A Day

By Sky News SkyNews - Wednesday, April 30 04:59 am

House prices have fallen by an average of nearly £45 a day since the beginning of the year.

New figures show that the average value of a home in the UK has dropped by £44.39 every 24 hours or £310.73 a week so far during 2008, as the property market slows down.

The pace of the falls has accelerated during the past 30 days, with homes seeing an average of £55.40 a day knocked off their value, according to property valuation website Zoopla.co.uk.

Overall, the group said the average price of a home in the UK had fallen from £224,046 at the beginning of January to £218,764 on April 28.

People in London, where property prices are highest, have been the biggest losers, seeing an average of £133.58 a day or nearly £1,000 a week wiped off the value of their home.

Homeowners in Surrey have seen the second biggest falls of £96.41 a day on average, followed by those in the Isle of Wight at £96.12 a day.

Properties in Berkshire and Oxfordshire have seen seen falls of more than £90 a day, while homes in Devon and Middlesex have seen ones of more than £80 a day.

At the other end of the scale, homes in Hertfordshire have been affected the least by the downturn, seeing an average of just £5.25 knocked off their value on a daily basis.

Properties in Wiltshire have suffered daily slides of only £5.35 and homes in Cambridgeshire have seen £9.12 knocked off prices every day this year.

Unsurprisingly, detached homes have seen the biggest price falls, losing an average of £71.68 a day during the past 30 days, but flats in England have actually seen their prices rise by an average of £2.84 a day since the beginning of the year after suffering price falls towards the end of 2007.

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