UK Money News
13th June 2008
Value of UK property down £300bn in nine months
The value of the UK's stock property stock is falling fast, new figures have revealed.
Data from property valuation web site Zoopla.co.uk found the total worth of housing in the UK stands at £5.8 trillion.
This is down from £6.1 trillion at the peak of the property boom in September last year.
The site calculates that the depreciation in values has been occurring at a rate of £1 billion each over this period.
Responding to the figures, Alex Chesterman, chief executive of Zoopla.co.uk, said that the decline should be seen in the context of the decade that preceded it and said that the UK market's standing is still strong compared with those of other countries.
Mr Chesterman commented: "Despite the recent market downturn, it is clear that the British property market remains one of the most valuable in the world on a per capita basis.
"The past few months have been challenging but the long term trend is extremely positive."
England, Scotland and Wales accounted for £5.2 trillion, £401 billion and £219 billion of the total value of property in the UK respectively.
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