Valuation of homes in Britain down by £29 billion since beginning of the year

The total valuation of homes in Britain has dropped by £29 billion since the beginning of the year, according to property website Zoopla.

The valuation of total homes in Britain is now at £7.93 trillion, equating to an average price decline of £1,004 per house since January or a decline of £11.15 in the value of a property per day.

House prices in England dropped by an average of 0.41%, while prices in Scotland fell 0.08%.

In Wales, prices rose by 0.4%.

Despite the recent decline, property prices in England, Scotland and Wales are higher than they were last year, according to Zoopla.

Zoopla spokesman Lawrence Hall was quoted by ITV News as saying that prices were still up across Britain by some 1.44 per cent.

Lawrence Hall said:

“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.”