House prices drop by £45,000 since start of credit crisis - Telegraph

House prices drop by £45,000 since start of credit crisis - Telegraph

The average value of a home in Britain is £201,000, down 18 per cent from £247,500 in October 2007, according to property website Zoopla.

Much of the drop has been seen during the last eight months, with prices dropping 11 per cent since last summer.

The North East has been hardest hit, down 14.12 per cent since last July with average local house prices at £142,242. London has proved to be the most resilient, down 7.59 per cent to £378,295.

Zoopla suggested that the recent fall in values may have created a buying opportunity.

Nick Leeming, business development director at Zoopla.co.uk, said: “While it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities. .....

All our Oxford property to let & for sale is advertised on www.oxfordhomesdirect.co.uk & at zoopla.co.uk