Home Residential Property London property prices soar nearly 7 times faster than rest of the UK

London property prices soar nearly 7 times faster than rest of the UK

by Asa
2nd Jan 13 1:48 pm

House prices in London rose by 7% over the twelve months up to October, far ahead of increases seen elsewhere in England and Wales.

In the latest figures from the Land Registry, which records property prices in the country, the average London home now costs £365,000. This ranges from £215,000 in Barking & Dagenham to £1.1m in Kensington and Chelsea.

Meanwhile, house prices across the nation rose by an average of just 1.1%, to an average price of £161,600.

The Land Registry information reveals some staggeringly high price increases in some of the wealthier parts of London, with the biggest increases seen in Kensington & Chelsea (16%), Westminster (15%) and Hammersmith and Fulham (10%). Hackney, Haringey, Islington and Wandsworth all saw rises of 9%.

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