While you were sleeping...
UK homeowners see average property values drop by £45 per night.
Amidst the recent unsettling news about the housing market, new figures released today highlight that UK homes have lost an average of £44.39 in val ue each night, or £310.73 per week this year, according to property website Zoopla.co.uk. The picture is even bleaker over the last 30 days, with an average daily drop of £55.40, confirming the increased pace of the recent house price decline.
The biggest losses are being felt in London, where homeowners have been waking up each morning to an average loss of £133.58, seeing nearly £1,000 wiped off the value of their homes each week.
Zoopla.co.uk, which provides users with free, instant value estimates on any UK home, compiled the results following analysis of its data since the beginning of 2008. Zoopla.co.uk value estimates are updated daily to provide users with the most recent data on any home.
Homeowners in Surrey have faced the second biggest drop, with a daily loss of £96.41, closely followed by residents in Berkshire who have been losing £95.22 daily. The results showed that those in Hertfordshire, Wiltshire and Cambridgeshire could sleep a little easier with modest daily increases of £5.25, £5.35 and £9.12 respectively.
Of all property types, detached houses have taken the biggest hit, suffering an average daily loss of £71.68 over the last 30 days, whilst flats in England have managed a marginal daily gain of £2.84 since the beginning of 2008 after having declined towards the end of 2007.
Alex Chesterman, Founder and CEO of Zoopla.co.uk commented:
"There has been no shortage of recent headlines about the state of the UK housing market, but homeowners are often left wondering how it affects them personally, in terms of their local area and more specifically, their own home. As our estimates are updated daily, Zoopla.co.uk allows anyone interested in the property market to track what's happening to the value of their home as often as they like and see what all the headlines mean for them. Now, more than ever, homeowners are looking to monitor the value of their most important asset regularly much in the same way as they do their share portfolio or bank account.
The ten hardest hit areas in UK in terms of daily depreciation since the start of 2008 have been:
London - £133.58
Surrey - £96.41
Isle of Wight - £96.12
Berkshire - £95.22
Oxfordshire - £90.10
Devon - £84.25
Middlesex - £81.95
Essex - £76.88
Hampshire - £72.71
Sussex - £62.92
- Ends -
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