London house prices race ahead of the rest
- 29 April 2013
- From the section Business
The contrast between rising house prices in London and falling prices elsewhere continues to grow.
The Land Registry said 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.
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.
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.
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.
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 Humber, prices fell by 0.8% over the last year.
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.
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.