UK house prices falling £100 per day
- Price plunge brings renewed buyer interest -
12th Mar 2009
Figures released today show that the average UK home has lost £100 per day, every day since March 1st last year, wiping almost £1 trillion of value off the UK housing market in the past year.
House prices in England have been hardest hit, dropping an average of £110 per day or £36,643 over the last twelve months, with average home values in England now standing at £202,447 (down 16.6 per cent). Homes in Wales have fallen £68 per day (-£24,954) over the past year, down 14.7 per cent with average house values now at £144,954. Scottish residents have seen the slowest decline over the most recent twelve months with average house prices depreciating by £42 per day (-£15,172) to a current average value of £146,640.
Zoopla.co.uk, the UK's leading house prices website, which provides free instant values for every UK home, has released its latest housing market data following analysis of annual value changes across the UK, looking at the most and least affected areas of the country.
Across the different property types in Britain detached houses have fallen at a rate of £150 per day (-£54,743) since last March to a current average value of £293,619 whilst flats have depreciated at a daily rate of £93 (-£33,986) to an average value of £182,307. Semi-detached properties have fallen £32,378 or £89 a day and now average £173,694 and terraced houses have been falling £79 per day to a new four-year low of £155,458, down £28,981 in the past year.
Homes in London and the South East region have been the biggest losers, with average property prices in London falling double the national rate, losing £202 per day for each of the last 365 days. Certain parts of London have seen their values fall over five times the national average with the average property in Kensington (W8) falling £719 per day and Chelsea (SW3) recording a daily drop of £547 over the past year. At the other end of the spectrum, homes in the North of England have been falling a modest £63 per day on average in comparison.
Windsor and Maidenhead has been the worst affected county over the past twelve months with average values falling from £444,250 to £372,279, a daily drop of £197. Surrey saw the second biggest drop, with the average house price falling £68,675 or £188 per day. Outside London, some of the highest priced areas have been hard hit with average home values in Virginia Water (Surrey) falling the most at £397 per day, followed by Beaconsfield (Buckinghamshire) where property prices have lost £355 per day and Cobham (Surrey) where prices have been falling at a daily rate of £332.
The figures from Zoopla.co.uk also highlighted certain areas of Britain where the value drops have been far lower than the average over the last year. Leading the property 'Bright Spots' was Woodbridge, Suffolk where house prices have fallen by only 7.4 per cent in the past twelve months with Hastings, East Sussex down only 9.25 per cent compared to the national rate of decline of 16.6 per cent.
Alex Chesterman, CEO of Zoopla.co.uk, commented:
"Homeowners have faced a difficult year in the property market and whilst there are not many positive indicators in the economy at present, house prices have now fallen to levels where buyer interest is beginning to grow significantly again. With property searches on Zoopla.co.uk now at a rate of over one per second, we are seeing clear evidence of this increased interest. Providing that buyers gain confidence that the price declines are slowing and sellers are realistic with their expectations, we are likely see a recovery in market activity at least in 2009 which in turn will lead to a recovery in prices."
- Ends -
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Notes to Editors
Results at a glance
|South East England||£245,817||£303,414||-£57,597||-£158|
|East of England||£210,031||£254,649||-£44,618||-£122|
|South West England||£199,877||£239,543||-£39,666||-£109|
|Yorkshire and the Humber||£136,188||£162,210||-£26,022||-£71|
|North West England||£148,894||£172,420||-£23,526||-£64|
|North East England||£151,611||£174,546||-£22,935||-£63|
Hardest Hit Counties
|Mar-09||Mar-08||12m loss||Daily drop|
|Windsor and Maidenhead||£372,279||£444,250||-£71,971||-£197|
|Bath and NE Somerset||£251,260||£296,413||-£45,153||-£124|
Hardest Hit Areas (outside London)
|Mar-09||Mar-08||12m loss||Daily drop|
|Virginia Water, Surrey||£776,945||£921,808||-£144,863||-£397|
|Chalfont St Giles, Buckinghamshire||£622,634||£738,724||-£116,090||-£318|
|Gerrards Cross, Buckinghamshire||£562,184||£667,002||-£104,818||-£287|
|Hartfield, East Sussex||£545,817||£647,584||-£101,767||-£279|
Hardest Hit London Areas
|Mar-09||Mar-08||12m loss||Daily drop|
|SW7 (Knightsbridge, South Ken)||£1,082,416||£1,287,301||-£204,885||-£561|
|SW10 (West Brompton)||£872,022||£1,031,093||-£159,071||-£436|
|W11 (Notting Hill, Holland Park)||£940,199||£1,112,986||-£172,787||-£473|
|SW5 (Earl's Court)||£654,197||£761,584||-£107,387||-£294|
|Mar-09||Mar-08||12m loss||% change|
|Hastings, East Sussex||£175,765||£193,676||-£17,911||-9.25%|
Zoopla.co.uk is a unique property website offering users information and tools to help them make better-informed property decisions. Our aim is to provide the most comprehensive source of residential property market information in the UK to help buyers, sellers, owners and estate agents alike and give them an advantage in the property market.
In 2007, following the success of bringing DVD rental to the web with LOVEFiLM.com, Zoopla founders Alex Chesterman and Simon Kain realised that the UK property market had yet to fully enjoy the benefits of the internet in terms of its ability to deliver transparency and efficiency. They set out with the mission to transform the property market for both professionals and consumers by:
- offering users FREE access to instant value estimates, sold house prices and local information and trends
- enhancing estate agents' marketing efficiency by providing exposure/leads on a pay-for-performance basis
- helping users find local agents and other property professionals to assist them in the transaction process
- letting buyers make offers on ANY UK home and owners test interest in their homes before choosing to sell
- creating an environment where anyone can ask/answer questions and share their knowledge about homes
We have started by providing FREE value estimates, sold prices and local information as well as letting users add content by editing information and uploading photos. We are the UK's fastest growing property website and by far the largest and most active property community in the UK, with over a million user contributions to our website in 2008 alone. We have already launched some unique features, like TemptMe™ and AskMe™, which allow consumers to gain an insight into the market and discover information they won't find anywhere else. Our estate agent directory, FindAnAgent and our unique AskAnAgent feature allow users to contact local professionals directly for their expertise. Very soon we will begin accepting estate agent listing feeds and delivering buyer leads to agents on a no-risk, performance-based model, making Zoopla.co.uk the most cost-effective way for agents to gain exposure and develop their inventory pipeline.
Our value estimates are calculated using a proprietary algorithm (a secret formula) that we have developed by analysing millions of data points relating to property sales and home characteristics throughout the UK. The algorithm works by comparing relationships between home prices, economic trends and property characteristics in given geographic areas. Our estimates are constantly refined, using the most recent data available from public sources combined with our proprietary used-generated data and a variety of statistical methodologies, in order to provide the most current information on any home.
Zoopla Limited is a privately held company with a highly experienced and proven management team, backed by well-respected angel investors and leading venture capital firms Atlas Venture (atlasventure.com) and Octopus Ventures (octopusventures.com).
- Winner: 'UK's Most Promising Internet Company 2008' (First Tuesday)
- Winner: 'Best Property Website - Gold Award' (Web User Magazine)
- Winner: 'Best Real Estate website 2008' (Websiteoftheyear.co.uk)