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London house prices detach from rest of country

Tuesday, 31 January 2012 11:46 AM

The house price gap between London and the rest of the country is widening, according to figures released by the Land Registry.

The average price of a home in the capital rose 0.8 per cent in December and 2.8 per cent over the course of 2011 to reach £345,298.

In contrast, the average price of a home in the North East fell to just £99,464 after a 1.9 per cent decline in December and 7.1 per cent fall in 2011.

Although the North West, Wales and the East of England as well as London saw an increase in December, only the capital saw a rise over 2011 as a whole.

A home in London is now worth 68 per cent more than the region with the next highest prices, the South East, and twice as much as the third-placed East of England and fourth-placed South West.

And homes in the capital are worth more than three times as much as homes in the North West and North East.

The biggest increases over the year came in City of Westminster (8.9 per cent) and Kensington & Chelsea (7.2 per cent).

Looking at the figures by local authority district, Hartlepool, Oldham and Merthyr Tydfil all saw prices fall by more than 10 per cent in 2011.

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