The value of homes in Isleworth fell by more than £100 a day last quarter, as the total value of UK property fell to £8.1 trillion in the third quarter, new figures have shown.
Figures by online property portal Zoopla suggested the value of the average home fell by by £23.78 a day in the third quarter, down 0.8 per cent, or £2,188 per home. The total fall in value of all UK property was £62.7bn.
Isleworth was the worst-hit London borough, with prices falling £9,580, or 2.2 per cent during the quarter, although Alton in Hampshire was the worst-hit area, with prices falling £10,900, or almost £120 a day.
Northwood in London was the eighth worst-hit area, with prices falling £16,227, or 1.8 per cent.
England was the worst performing region, with prices falling 0.85 per cent during the quarter. However, Wales and Scotland both bucked the downward trend, with prices rising 0.22 per cent and 0.04 per cent respectively.
The house price hall of shame
|Area||Average house price||£ decrease in value||% decrease in value|
|4||Houghton-le-Spring, County Durham||£139,128||-£2,678||-1.89%|
|6||Shoreham-by-Sea, West Sussex||£371,032||-£6,889||-1.82%|
|10||Mexborough, South Yorkshire||£121,114||-£2,156||-1.75%|
Lawrence Hall, a spokesperson for Zoopla, suggested the news was good for first-time buyers.
“Although the Bank of England has hinted at interest rate rises, the Prime Minister’s recent announcement to extend investment in Help to Buy and build more homes throughout the country will bring further welcome news to those looking to get a foot on the property ladder," he said.