House prices fall by £45 a day

Last Modified: 30 Apr 2008
Source: ITN

House prices have fallen by an average of nearly £45 a day since the beginning of the year.

The average value of a home in the UK has dropped by £44.39 a day or £310.73 a week so far during 2008 as the property market slows.

The pace of the falls has accelerated during the past 30 days, with homes seeing an average of £55.40 a day knocked off their value during this period, according to a property valuation website.

Overall, the group said the average price of a home in the UK had fallen from £224,046 at the beginning of January to £218,764 on April 28.

People in London, where property prices are highest, have been the biggest losers, seeing an average of £133.58 a day or nearly £1,000 a week wiped off the value of their home.

Homeowners in Surrey have seen the second biggest falls of £96.41 a day on average, followed by those in the Isle of Wight at £96.12 a day.

Unsurprisingly, detached homes have seen the biggest price falls, losing an average of £71.68 a day during the past 30 days, but flats in England have actually seen their prices rise by an average of £2.84 a day since the beginning of the year after suffering price falls towards the end of 2007.

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