House prices in London rising faster than in other regions

 
Ben Southwood
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LONDON house price growth accelerated further away from the rest of England and Wales in the first month of 2013.

London houses added 7.1 per cent on average to their value over the year, according to Land Registry figures out yesterday, versus just one per cent for England and Wales as a whole. In just January, London house prices put on 2.5 per cent, whereas English and Welsh prices climbed only one per cent.

This brought the average London house price to £373,207 on the Land Registry’s figures, well over double the England and Wales average of £162,441.

“These figures confirm what we have been saying for some time, that London is an unique market within the UK and is rising at more than an average of over seven per cent year-on-year,” said Marsh & Parsons boss Peter Rollings. “Those who can secure lending are doing so at historically low rates as the Funding for Lending Scheme is filtering through to first-time buyers.”

London’s house price charge was led by Kensington and Chelsea, where prices raced up 12.4 per cent over the year to reach £1,079,338 on average. And Hackney, Camden, Haringey, Westminster and Hammersmith and Fulham, were close behind, all seeing prices grow by over 10 per cent in the year to January.