Tuesday, 31 May 2011

House prices jump in London

London house prices have powered ahead of the rest of England and Wales over the last year, according to the latest figures from the Land Registry.

London prices were up 5% in the year to April, while house prices in the North East were down 8% and they were more than 4% lower in the North West and Yorkshire.

Overall, house prices in England and Wales rose by 0.8 percent in April compared with March, according to official figures from the Land Registry.

It was the biggest monthly rise since January last year, but prices were still more than 1% down over 12 months.

It leaves the average price of a home at £163,083.

The Land Registry is seen as one of the most reliable guides to house price movements, because it covers cash sales as well as those involving mortgages.

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