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Average drop of £7,500 in house value

Tuesday, 18 October 2011 4:05 PM

The average house in the UK has dropped in value by £7,500 over the last year according to Zoopla.

Only London and the south east managed to buck the trend for depreciation in value, a reflection of yesterday's Rightmove house price index which showed that the house price gap between north and south is growing.

Nicholas Leeming of Zoopla said: "The contrast between the performance of the housing market in the South East and the north east over the past 12 months is stark. Unsurprisingly, London remains the best performing region in Britain.

"We are unlikely to see much of a rebound in the north whilst the first rung on the property ladder remains out of reach for many first-time buyers due to the near impossible task of securing a deposit and a mortgage."

London enjoyed an increase of £4,255 in average value, compared to a bleak £13,136 drop in average value for homes in the north east.

Aberdeen joined London as one of the top performing cities, in contrast to Northampton, which was the worst.

Nationally England saw a £8,320 drop, which works out as £22.80 per day, compared with a meagre £83 total average drop in Scotland and £2,695 in Wales.

The average home value in Britain is now £219,243 and the drop equates to 3.2 per cent.

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