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| House prices in London rise by 7% | House prices in London rise by 7% |
| (about 5 hours later) | |
| House prices in London rose by 7% in the year to the end of October, far outstripping increases elsewhere. | House prices in London rose by 7% in the year to the end of October, far outstripping increases elsewhere. |
| The figures from the Land Registry, which records property prices in England and Wales, show the average London home now costs £365,000. | The figures from the Land Registry, which records property prices in England and Wales, show the average London home now costs £365,000. |
| Prices have risen in some other regions too, with the average national increase at 1.1% and average prices at £161,600. | Prices have risen in some other regions too, with the average national increase at 1.1% and average prices at £161,600. |
| But prices have fallen in the North West, North East, East Midlands and Yorkshire. | But prices have fallen in the North West, North East, East Midlands and Yorkshire. |
| Separate figures, from the financial information service Moneyfacts, show that mortgage lenders continue to be very fussy about to whom they will lend money. | Separate figures, from the financial information service Moneyfacts, show that mortgage lenders continue to be very fussy about to whom they will lend money. |
| Although the number of mortgage deals on offer to the public has jumped by 8% in the past month, to 2,790, the vast majority of them - 67% - still require a deposit of at least 20% to be put down by the borrower. | Although the number of mortgage deals on offer to the public has jumped by 8% in the past month, to 2,790, the vast majority of them - 67% - still require a deposit of at least 20% to be put down by the borrower. |
| About 12% of the current deals require a 10% down payment, and only 3% are available to people with a deposit of 5% or less. | About 12% of the current deals require a 10% down payment, and only 3% are available to people with a deposit of 5% or less. |
| In many of those deals, the lender requires an extra guarantee from the borrower's parents, and the interest rates payable by the borrower are considerably higher than for someone taking a mortgage with a larger down payment of, say, 20% or 25%. | In many of those deals, the lender requires an extra guarantee from the borrower's parents, and the interest rates payable by the borrower are considerably higher than for someone taking a mortgage with a larger down payment of, say, 20% or 25%. |
| Mark Harris, of mortgage broker SPF Private Clients, said: "Record low interest rates have resulted in some of the cheapest mortgages we have ever seen with lending volumes slowing ticking up month by month." | Mark Harris, of mortgage broker SPF Private Clients, said: "Record low interest rates have resulted in some of the cheapest mortgages we have ever seen with lending volumes slowing ticking up month by month." |
| "However, the biggest barrier to home ownership remains the deposit as first-time buyers struggle to drum up the tens of thousands of pounds required to get on the housing ladder. | "However, the biggest barrier to home ownership remains the deposit as first-time buyers struggle to drum up the tens of thousands of pounds required to get on the housing ladder. |
| "Funding for Lending (FLS) should make this easier this year, resulting in more choice at higher loan-to-value deals and better rates," he added. | "Funding for Lending (FLS) should make this easier this year, resulting in more choice at higher loan-to-value deals and better rates," he added. |
| Peter Rollings, of estate agent Marsh & Parsons, said: "Recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013." | Peter Rollings, of estate agent Marsh & Parsons, said: "Recent improvements in mortgage lending, combined with rising national house prices point towards a more positive end to the year and start to 2013." |
| "If the cheaper funds from the FLS can find their way to first-time buyers without substantial deposits, it will go some way towards seeing transactions rebound sustainably and bridging the price growth gap between London and the rest of the country." | "If the cheaper funds from the FLS can find their way to first-time buyers without substantial deposits, it will go some way towards seeing transactions rebound sustainably and bridging the price growth gap between London and the rest of the country." |
| The Land Registry figures show some startlingly high price increases in some of the wealthier parts of London, driven by the continued influx of money being invested by foreigners seeking a safe home for their cash. | The Land Registry figures show some startlingly high price increases in some of the wealthier parts of London, driven by the continued influx of money being invested by foreigners seeking a safe home for their cash. |
| The biggest increases have been in Kensington & Chelsea (up by 16%), Westminster (15%) and Hammersmith and Fulham (10%), with Hackney, Haringey, Islington and Wandsworth all seeing rises of 9%. | The biggest increases have been in Kensington & Chelsea (up by 16%), Westminster (15%) and Hammersmith and Fulham (10%), with Hackney, Haringey, Islington and Wandsworth all seeing rises of 9%. |
| The average home in the capital is now worth £365,000, ranging from £215,000 in Barking & Dagenham to £1.1m in Kensington & Chelsea. | The average home in the capital is now worth £365,000, ranging from £215,000 in Barking & Dagenham to £1.1m in Kensington & Chelsea. |