£29bn wiped off British property market in just three months

. Credit: PA

House prices across Britain have plunged by £29 billion since the start of the year, experts have claimed.

The drop, reported by property website Zoopla, puts the total valuation of homes across the UK now at £7.93 trillion - down an average of £1,004 per house since January.

It equates to a fall of around £11.15 per property per day.

Bridport in Dorset has seen the biggest decline in property values during the three-month period, with a 2.06 per cent fall, Zoopla's analysis found.

Wales is the only country in Britain to have seen prices increase, Zoopla said, with a 0.4 per cent rise since the start of 2017.

In England, prices have fallen by an average of 0.41 per cent, while values in Scotland slipped by 0.08 per cent.

Despite the recent decline, however, Zoopla spokesman Lawrence Hall said prices were still up across Britain as a whole by some 1.44 per cent.