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London leads UK house price rally

Wed, 03 May 2006
House prices in the UK rose for the fifth month running and by their highest monthly amount in nearly two years during April, according to Hometrack, the property website .

In its monthly survey, Hometrack said house prices rose by 0.6 per cent, driven primarily by a continued recovery in London and the South East. That was the highest monthly increase since May 2004. Over the year, house prices were up 0.9 per cent.

The average UK home now costs £163,500, Hometrack said.

However, the property website said house prices remained static across 60 per cent of the country during April, adding that there may be a slowdown in activity in the lead up to the summer and the football World Cup .

"These results show a clear and ongoing north-south divide in the performance of the housing market," said Richard Donnell, Hometrack's director of research.

"In the short-term prices in London are likely to be supported by an ongoing shortage of housing for sale . However, the current level of growth is unsustainable over the longer-term as house prices in the capital still remain relatively high," he added.

"Away from the capital we are likely to see only modest levels of growth over the rest of the year," he added.

"London continued to be a major driving factor in the price of UK homes, with the average value of a London home rising 1.2 per cent during April and three per cent over the last quarter," Mr Donnell said.

In contrast, growth in the regions away from the south of England has totalled less than 0.5 per cent over the last three months.
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