Advertisement

  1. ITV Report

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

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

£29bn has been wiped from the UK property market since January, Zoopla says Credit: PA

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.

The softening in values and continued low mortgage rates are positive news for first-time buyers trying to get on to the property ladder.

These prospective home owners will be pleased to see a decrease in overall property values as seemingly unstoppable growth has pushed many areas out of reach in the past year.

It's also encouraging to see the resilience of the Welsh property market which in the past has often lagged behind England and Scotland.

– Lawrence Hall, Zoopla