Average house price has fallen £9,000 since 2007 - Telegraph
A survey of the UK’s “property wealth” found that house prices have reduced sharply due to the economic downturn and sluggish demand from buyers.
The Office for National Statistics said that the average household saw the value of their property fall from £204,000 in 2007 to £195,000 last year. This figure relates solely to the equity that a family owns in their house and does not include the proportion of the house that is owned by a mortgage company.
Meanwhile the ONS said that the average mortgage repayment on a family’s main property rose from £88,000 to £92,000 between 2007 and 2010.
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