Homeowners lose billions

These figures released by Zoopla.co.uk, show that as the property market continues to battle against the fallout from the global credit crunch, the figures show that property values in England have fallen most, down £11,343 since the beginning of the year or £46.49 per day on average, with values in Wales dropping by an average of £10,742 or £44.02 per day since January. Scottish property prices have fared slightly better losing only £4,928 or £20.20 per day on average over the same period.

Berkshire has been the hardest hit county in England so far in 2008, with the average home recording a daily loss of £75.51, or a weekly value drop of £528.57. Dorset has also suffered from the recent slump with average values down £64.58 per day or £452.06 per week since the start of the year.

The worst performing county in Wales, Merioneth has seen £20,193 wiped off of the average house price since the beginning of the year, or a daily drop of £82.76 ¬ nearly double the national average. The Mid Wales county of Brecknockshire has also experienced a significant fall of £15,871, or £65.05 daily in average home values.

In Scotland, despite a relatively low average fall across the country compared to England and Wales, the counties of Berwickshire and East Lothian have been hit the hardest, with daily depreciation on the average home coming in at £76.77 and £64.77 respectively.