LONDON’S house prices are falling by £200 A DAY, according to a new survey.

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The average price of a house in the capital was £424,000 in March 2008, says property website, but a year later it has slipped to £350,000, which gives a Daily Drop figure of £202.

By the time you reach the end of this article, about 10p will have walked out the door of your house.

But even those scary stats is small beer compared to the Daily Drop rate in some of London’s priciest areas.

Kensington has seen its average house price sink by over £700 a day over the last year, while Knightsbridge and Chelsea have both posted £500+ Daily Drop figures.

Zoopla boss Alex Chesterman tried to put a positive slant on the numbers, which are regarded as reliable as they were derived from the government’s Land Registry entires.

“House prices have fallen to levels where buyer interest in beginning to grow significantly again,” said Chesterman.

“Providing that buyers gain confidence that the prices declines are slowing and sellers are realistic with their expectations, we are likely to see a recovery in market activity at least in 2009 which in turn will lead to a recovery in prices.”

Nationally, the Daily Drop average over the last year was just over £100.