House values have been falling by £45 a day since the beginning of 2008, a new study reveals.In one of the worst hit parts of the country, Merioneth in North Wales, prices are plummeting by as much as £83 a day.
The research carried out by property valuation website Zoopla.co.uk has discovered that a total of £300 billion has been wiped off the value of British homes since January 1st.
The study points out that a typical worker is losing more from the decreasing value of his home than he earns after tax. The average fulltime employee ears £23,750 per annum – equal to take-home pay of £69.65 a day.
However, price falls vary in different areas. In England, falls ranged from £31 a day in County Durham to £76 a day in Berkshire. The biggest fallout was in Berwickshire, Scotland, with prices falling by £77 a day. This could be a correction from high growth in Scotland over the last couple of years, believe some agents.
And on the bright side, five places saw prices rise: Windsor, Berkshire; Banstead and Godalming in Surrey; and Peterhead and Aberdeen in Scotland.
Patricia Luck-Hille from Savills’ valuation department says prime central London and prime country houses are bucking the current downward trend, along with top-end new homes in the right location in the capital and with the right facilities, like gyms, pools and concierges.
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On the flip side, she believes ‘it is all about quality and location, which means basement flats aren’t shifting as quickly as they did in the recent rising market.
‘Also, blighted properties with aircraft noise, visible pylons, public rights of way, landfill sites and nearby railway lines are not selling well, alongside new build houses in the Home Counties, which are most exposed to the financial sector.’