Britons have collectively seen nearly £300bn wiped off the value of their homes since house prices first began to fall last year, new research has found.

The collective value of residential property has slumped to £5.836tn from more than £6.1tn when prices peaked in September, said the Zoopla.co.uk study.

It calculated the market downturn had led to more than £1bn a day being wiped off the collective value of homes.