Despite £300 billion being wiped off the housing market since peak prices in September last year, UK property is still worth £5.8 trillion, according to Zoopla.co.uk.

The total value of all UK homes dropped from £6.1 trillion last September, losing the equivalent of £1 billion a day.

But the valuation website said the fall is modest compared with the "significant gains" made over the past few years.

The property market has grown by £1.7 trillion over the past five years, a daily increase of almost £1 billion a day.

Alex Chesterman, chief executive officer of Zoopla.co.uk, said: "Despite the recent market downturn, it is clear that the British property market remains one of the most valuable in the world on a per capita basis."

The economic forecast for the housing market has been gloomy, with some financial experts telling ITV''s Tonight programme that property prices could fall by as much as 30 per cent.

But a BBC survey carried out in May suggested most people welcomed falling house values, with only a fifth wanting to see property prices continue to rise.