AN average East Lancashire house has lost £15,000 in value in just six months, new figures reveal.

Homes across the area have plummeted in value following a collapse in the property market, leaving many people facing the prospect of being in negative equity.

And experts have warned the situation could get even worse for homeowners as the market continues to stall.

The figures, compiled by property website Zoopla.co.uk, show average homes in Clitheroe have lost almost £24,000 in value while Blackburn house prices have decreased by nearly £14,000.

In Burnley, where the average house costs £107,500, properties have lost almost £13,000 in value, £12,100 in Nelson and £14,100 in Colne.

Meanwhile, average homes in Rawtenstall have plummeted by £16,300 and in Accrington homes have lost £12,300 in value.

Blackburn estate agent James Whitehead said: “Everyone in the property market is on a journey and for most it will be difficult.

“From the highs of 2007, some houses have come down in price by about 25 to 30 per cent but for others it won’t be as much.

“The ones that have probably suffered most have been the large detached properties with big mortgages.

“I think this kind of thing will probably go on into next year.

"The problem is interest rates are down and no one is lending to kick-start the market again.”

Previous figures from the Land Registry had found that market values were holding up in the Ribble Valley and Rossendale.

In December they revealed that property prices in the Ribble Valley shot up 16.5 per cent between July and September, with prices in Rossendale also rising 1.6 per cent.

Meanwhile, nine out of 19 of Zoopla’s ‘lowest value streets’ in the UK are in East Lancashire:

  • Harcourt Street, Burnley
  • St Matthews Court, Burnley
  • Cambridge Street, Nelson
  • Oxford Street, Nelson
  • Nuttall Street, Burnley
  • Bright Street, Colne
  • Baker Street, Burnley
  • Essex Street, Nelson
  • Altham Street, Burnley.