London house prices are increasing faster than those elsewhere, driving up house price averages nationally.
So says the latest Land Registry report, which records the price of each property bought and sold in the UK.
May figures highlight that over that month average house prices in England and Wales went up 0.7% to stand at £180,594. This figure is 8.9% higher than May 2006.
This figure is of course dominated by the London effect.
Property values in London are going up 6% faster every year than elswhere in the country, the largest difference in two years.
The average capital house price is presently £335,658 compared to the national average for England and Wales of £180,594. Over the past 12 months London house prices have gone up 15.3%, compared with the national average of 8.9%. House prices in the capital rise three times faster than in the north-east.
May saw the fastest increasing house prices in Yorkshire &the Humber, at 1.9%, while the north east experienced the worst monthly performance with an average price decrease of 0.7%.
Within London, Kensington and Chelsea had the fastest increasing prices, 23.4% higher than in May 2006. In May Camden had the fastest price rise of 2.3%.
Newham performed worst as a borough, with an annual increase of 5%, with Greenwich and Enfield the weakest with an increase of just 0.1%.
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House Prices Are Driven by London
Tue, 10 Jul 2007
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