House market ‘lost billions in three months’

MORE THAN £60bn has been wiped off the British property market over the past three months, according to an analysis by Zoopla.

The property website said British homes lost an average value of £2,188 over the last quarter – nearly £24 a day. However, figures released yesterday by the Office for National Statistics suggest the price of the average house rose in August and July, when compared to last year. Its data for September is yet to be released.

Zoopla’s quarterly analysis calculates that the total value of the British market now stands at £8.1 trillion, after a £62.7bn fall between July and September.

The statistics, which will worry homeowners but could benefit first-time buyers, suggest that Scotland and Wales have bucked the downward trend.

In Wales, Zoopla study’s shows homes are worth £393 more, on average, than three months previplaces ously, while Scottish house prices have increased by £54.

Within England, the NorthWest has been the most resilient in terms of price falls, while homes in Yorkshire and the Humber have lost £1,572 in value.

Mexborough was the only Yorkshire location named among the highest or lowest for property price increases, with the South Yorkshire town experiencing the 10th worst fall, of £2,156 – 1.75 per cent of their value.

The biggest falls for any region were in London, where extortionate house prices and rent have become a central issue. The capital’s homes lost an average of £6,663, 0.99 per cent of their value, according to Zoopla.

Labour’s Shadow Secretary of State for Housing, John Healey, told “An uncertain property market makes it even more important that government is prepared to do it’s bit.

“But over the last seven years, Ministers have stepped back rather than stepped up, cutting investment in new homes, scaling back support for home-owners and refusing to act to help private renters. Labour will act to build thousands more affordable homes and give home-owners and renters the protections they need.”

The Department for Housing said it does not comment on changes housing market values.

Artist Emma Rodgers with her Meccano Liverbird, which has been built as a 30ft version to be placed at Liverpool Shopping Park to commemorate Liverpool-born toy-maker Frank Hornby and the first Meccano factory on Binns Road, Liverpool.