The average house price falling by 3100 a day
House prices are suffering in the credit crunch.
The average UK home is losing value at a rate of £100 per day, bringing the typical cost of a home in England to £202,447 from £239,090 since March 2008 – a drop of £110 per day.
Houses in Wales are faring slightly better with drops of £64 per day over the same 12-month period. While Scottish dwellings are seeing the slowest decline, with homes there falling in value by £42 a day.
The research, carried out by property website zoopla.co.uk, found that the worst hit area in the country is the wealthy central London borough of Kensington where the average house now costs £1.3 million, down from £1.5 million last year – a drop of £719 per day.
However, it’s not all bad news. The fall in house prices is helping to boost the flagging housing market. Zoopla says it is seeing an average of one property search per second.
Alex Chesterman, chief executive of zoopla.co.uk, said: ‘Providing that buyers gain confidence that the prices declines are slowing, we are likely to see a recovery in market activity at least in 2009 which in turn will lead to a recovery in prices.’