For the price of a London home, you can now buy five houses in the North East

What is going on, seriously?

Instead of buying an average home in London, you could buy five average homes in the North East, and have a bit left over.

That’s the depressing truth for anyone who is buying or attempting to buy property in the capital.

The average residential property in London cost £530,409, compared with £97,117 in the North East, according to Land Registry data.

London prices rose the most too – with a 13.9% rise in the year to the end of January.

Sales of homes worth over £1m increased, while only one property under £50,000 was sold in London.

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