Total value of homes in the UK drops by £29bn

Homes across Britain have seen £29 billion shaved off their total value since the start of the year, according to a website.

Zoopla said homes across the UK are now valued at £7.93 trillion in total – down £29bn since the start of 2017.

The fall, seen between the start of January and the end of March, equates to a decrease of £1,004 in the average value of a home over the period .

Zoopla, which analysed data on its website to make the findings, said Wales is the only country in Britain to have seen property values increase over the last three months, with a 0.4% increase.

Property values across England have slipped back by 0.41% over the last three months, while values in Scotland have edged down by 0.08%.

Despite the recent general decline, property values across England, Scotland and Wales are still higher than they were a year ago, Zoopla said.

Zoopla spokesman Lawrence Hall said: “We have seen a small fall in house price growth for the first quarter of this year; however, annually prices across Britain are up 1.44%.

“The softening in values and continued low mortgage rates are positive news for first-time buyers trying to get on to the property ladder.

“These prospective home owners will be pleased to see a decrease in overall property values as seemingly unstoppable growth has pushed many areas out of reach in the past year.