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London house prices race ahead of the rest | London house prices race ahead of the rest |
(about 1 hour later) | |
The contrast between rising house prices in London and falling prices elsewhere continues to grow. | The contrast between rising house prices in London and falling prices elsewhere continues to grow. |
The Land Registry said today that house prices in London are at a new high, while prices across the north of England continue to fall. | The Land Registry said today that house prices in London are at a new high, while prices across the north of England continue to fall. |
The average selling price of a London property has now reached a record £374,568. | The average selling price of a London property has now reached a record £374,568. |
Prices in the capital soared by 9.4% in the past year, the sharpest increase for nearly three years. | Prices in the capital soared by 9.4% in the past year, the sharpest increase for nearly three years. |
In England and Wales as a whole, prices rose 0.9%, an increase driven by the London market. | In England and Wales as a whole, prices rose 0.9%, an increase driven by the London market. |
The average price of a property in Kensington and Chelsea is now £1.1m. | The average price of a property in Kensington and Chelsea is now £1.1m. |
Houses or flats in the capital cost more than double property elsewhere, where the average price is £161,793. | Houses or flats in the capital cost more than double property elsewhere, where the average price is £161,793. |
Jonathan Hopper, of the property search company Garrington, called it "an extraordinary rate not seen since the heady pre-crash days". | Jonathan Hopper, of the property search company Garrington, called it "an extraordinary rate not seen since the heady pre-crash days". |
"The danger of overheating should not be dismissed," he warned. | "The danger of overheating should not be dismissed," he warned. |
In the doldrums | In the doldrums |
At the same time, property-owners in much of the north of England continue to see the value of their home decline. | |
In Yorkshire and Humberside, prices fell by 0.8% over the last year. | In Yorkshire and Humberside, prices fell by 0.8% over the last year. |
In the East Midlands, prices fell by 0.7%. | In the East Midlands, prices fell by 0.7%. |
But the biggest price falls were in the North West (-4.9%) and the North East of England (-5.5%). | |
The number of properties being sold has also fallen, suggesting the housing market as a whole remains in the doldrums. | The number of properties being sold has also fallen, suggesting the housing market as a whole remains in the doldrums. |
Between October 2011 and January 2012 an average of 56,445 properties were being sold a month, compared with 54,810 a month in the same period a year later. |