The average UK home is losing value at a rate of £100 per day and more than £1tr has been wiped off the housing market in the past year, a survey has revealed.

The typical cost of a home in England has fallen to £202,447 from £239,090 since March 2008 - a drop of £110 per day. The average income in England is £73 per day.

In Wales, house prices have dropped by £64 per day in the same 12-month period. Scottish homeowners have seen the slowest decline, with homes north of the border depreciating in value by £42 a day.

The research was carried out by property website zoopla.co.uk. It found that the worst hit area in the country is the affluent central London borough of Kensington where the average house now costs £1.3m, from £1.5m last year - a value plunge of £719 per day.

The Independent