Average home price falls £100 a day

The average UK home is losing value at a rate of £100 per day and more than £1 trillion has been wiped off the housing market in the past year, a survey has revealed.

The typical cost of a home in England has fallen to £202,447 from £239,090 since March 2008 - a drop of £110 per day. The average income in England is £73 per day.

In Wales, house prices have dropped by £64 per day in the same 12-month period. Scottish homeowners have seen the slowest decline, with homes north of the border depreciating in value by £42 a day.

The research was carried out by property website zoopla.co.uk. It found that the worst hit area in the country is the affluent central London borough of Kensington where the average house now costs £1.3 million, from £1.5 million last year - a value plunge of £719 per day.

The drops in value, according to the website, which bases its figures on Land Registry information, are helping rejuvenate the flagging housing market. The site now says that it is seeing an average of one search per second - an indication that buyer interest is on the up.

Alex Chesterman, chief executive of zoopla.co.uk, said: "Homeowners 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 fallen to levels where buyer interest in beginning to grow significantly again.

"Providing that buyers gain confidence that the prices declines are slowing and sellers are realistic with their expectations, we are likely to see a recovery in market activity at least in 2009 which in turn will lead to a recovery in prices."

Zoopla.co.uk 's house value findings:



Average house prices by region:

 

Mar-09

Mar-08

12m loss

Daily drop

London

£350,279

£423,894

-£73,615

-£202

South East England

£245,817

£303,414

-£57,597

-£158

East of England

£210,031

£254,649

-£44,618

-£122

South West England

£199,877

£239,543

-£39,666

-£109

West Midlands

£161,444

£192,405

-£30,961

-£85

East Midlands

£149,900

£179,642

-£29,742

-£81

Yorkshire and the Humber

£136,188

£162,210

-£26,022

-£71

North West England

£148,894

£172,420

-£23,526

-£64

North East England

£151,611

£174,546

-£22,935

-£63

Source: Zoopla.co.uk

 

Hardest Hit Counties:

 

Mar-09

Mar-08

12m loss

Daily drop

Windsor and Maidenhead

£372,279

£444,250

-£71,971

-£197

Surrey

£310,549

£379,224

-£68,675

-£188

South Gloucestershire

£333,674

£395,886

-£62,212

-£170

Buckinghamshire

£267,106

£324,033

-£56,927

-£156

West Berkshire

£279,235

£331,455

-£52,220

-£143

Hertfordshire

£285,316

£336,469

-£51,153

-£140

West Sussex

£237,480

£287,289

-£49,809

-£136

Oxfordshire

£257,494

£307,103

-£49,609

-£136

Berkshire

£240,404

£286,794

-£46,390

-£127

Bath and NE Somerset

£251,260

£296,413

-£45,153

-£124

Source: Zoopla.co.uk

 

Hardest Hit Areas (outside London):

 

Mar-09

Mar-08

12m loss

Daily drop

Virginia Water, Surrey

£776,945

£921,808

-£144,863

-£397

Beaconsfield, Buckinghamshire

£695,652

£825,357

-£129,705

-£355

Cobham, Surrey

£649,352

£770,422

-£121,070

-£332

Keston, Kent

£624,072

£740,429

-£116,357

-£319

Chalfont St Giles, Bucks

£622,634

£738,724

-£116,090

-£318

Esher, Surrey

£622,219

£738,231

-£116,012

-£318

Richmond, Surrey

£513,073

£624,918

-£111,845

-£306

Gerrards Cross, Bucks

£562,184

£667,002

-£104,818

-£287

Hartfield, East Sussex

£545,817

£647,584

-£101,767

-£279

Radlett, Hertfordshire

£544,295

£645,776

-£101,481

-£278

Source: Zoopla.co.uk

 

Hardest Hit London Areas:

 

Mar-09

Mar-08

12m loss

Daily drop

W8 (Kensington)

£1,327,132

£1,589,451

-£262,319

-£719

SW7 (Knightsbridge)

£1,082,416

£1,287,301

-£204,885

-£561

SW3 (Chelsea)

£1,104,353

£1,303,835

-£199,482

-£547

SW10 (West Brompton)

£872,022

£1,031,093

-£159,071

-£436

SW13 (Barnes)

£775,703

£924,749

-£149,046

-£408

W11 (Notting Hill, Holland Park)

£940,199

£1,112,986

-£172,787

-£473

W1 (Westminster)

£707,688

£848,590

-£140,902

-£386

SW1 (Belgravia)

£759,562

£887,242

-£127,680

-£350

SW5 (Earl's Court)

£654,197

£761,584

-£107,387

-£294

SW6 (Fulham)

£599,281

£706,276

-£106,995

-£293

Source: Zoopla.co.uk

 

Bright Spots:

 

Mar-09

Mar-08

12m loss

% change

Woodbridge, Suffolk

£246,196

£266,043

-£19,847

7.46%

Hastings, East Sussex

£175,765

£193,676

-£17,911

9.25%

Kidderminster, Worcestershire

£174,697

£193,134

-£18,437

9.55%

Dorchester, Dorset

£248,118

£275,219

-£27,101

9.85%

Shrewsbury, Shropshire

£187,632

£208,169

-£20,537

9.87%

Source: Zoopla.co.uk

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