Value of British property market has fallen by £62.7 billion since July, report finds


Staff Reporter

The average home across Britain has lost nearly £24 a day in value over the past three months, according to analysis by aproperty website.

Zoopla said a house price dip between the start of July and the end of September means the average property has decreased in value by £2,188 over the quarter, which equates to a fall of £23.78 per day.

Spokesman Lawrence Hall said: "We've seen a decline in house prices during the last quarter, which is potentially good news for first-time buyers."

Zoopla calculates that the total value of the British housing market fell by £62.7 billion during the third quarter of 2017, making it now worth around £8.1 trillion.

But while values have fallen across England in the past three months, Scotland and Wales have bucked the downward trend, according to the website.

In Wales, the average home is worth £393 more than three months earlier, while in Scotland values have seen a £54 increase on average.

Caernarfon in North Wales was identified as the top-performing area in the third quarter, with price growth of 1.57% or £2,563 on average.

Within England, the North West has been the most resilient in terms of price falls, with values there edging down by 0.59% or £1,120 since July.

London, where housing affordability has become particularly stretched, has seen the biggest price falls over the period, with an average decline of 0.99% or £6,633.

Alton in Hampshire was identified as having the weakest house price growth in Britain in the third quarter, with property values falling by 2.17% or £10,900 on average.

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