According to a report by Zoopla the value of property across Britain has decrease since July, by a total of £62.7 Billion! There statistic suggest that property values are dropping at rate equivalent to £24 per day per house, and have been for 3 months now! This means the average home has declined in price by £2,188 in the last quarter.
London recorded the biggest fall at 0.99%, followed by West Midlands in second place at 0.97%. This is brilliant news for first time buyers who will be struggling with the ratio of their earning to the property prices across the country. The Government has also revealed that they will be continuing to invest in the Help to Buy Scheme and built more homes throughout the country, which is welcoming news to those looking to get a foot on the property ladder.
Scotland and Wales have dodged the downward trend being seen by England, Scotland has seen an average rise of £54 on each property, while Wales have seen an increase of £393 per house.
Below are the average property values across Britain, plus the value change in the last quarter:
Wales £182,773 Up £393 + 0.22%
Scotland £187,084 Up £54 + 0.04%
North West England £189,552 £1,120 0.59%
North East England £186,765 £1,341 0.71%
South West England £295,011 £2,358 0.79%
East of England £355,941 £2,988 0.83%
South East England £406,271 £3,575 0.87%
East Midlands £209,416 £1,867 0.88%
Yorkshire and the Humber £172,199 £1,572 0.9%
West Midlands £218,398 £2,130 0.97%
London £665,605 £6,633 0.99%