In a trend seen across the US, Orlando property values are continuing to fall, new figures have revealed.

Zillow’s Real Estate Market Report for the fourth quarter of 2008 studied 161 metropolitan areas in the US and found that house prices are dropping at an increasingly fast rate.

Orlando property values slipped by 20.7 per cent during 2008, the survey showed, higher than the national average decline of 11.6 per cent.

The average house price in the Floridian city is now $172,188 (£117,330) – a 34.7 per cent fall from the market peak.

Zillow’s vice president of data and analytics Stan Humphries stated: "As more markets turn down and markets that were already down go deeper, the pace at which value is being erased from the US housing stock is rapidly increasing."

However, the Florida Association of Realtors recently discovered that sales of existing homes in the state are rising, which could interest those seeking an Orlando property bargain.

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