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London is still blazing the way from property prices with homes increasing in value by an average 2.7% over the past year, according to the latest Land Registry figures.
The capital is the only place in the country where prices are rising – with the average drop for the rest of England and Wales hitting 2.6%.
This adds up to just over a 5% price gap for a similar house outside London compared to in the city.
The house price fall gives an average property price for England and Wales in September of £162,109 – down 0.3% from August that continues the trend of prices slipping month by month.
Homeowners in the North West saw the greatest monthly improvement with a rise of 1.0%, while the North East had the greatest annual price fall with a decrease of 8.2% and the most significant monthly price fall with a movement of 3.9%.
The latest house sale figures show a decrease of 11% for July to 59,919 from 67,475 in July 2010.
The number of properties sold in England and Wales for over £1 million in July 2011 was down by 24% to 707 from 932 in July 2010.
Meanwhile, demand for homes was up for the second month in a row in September to the highest level in more than four years, according to the National Association of Estate Agents’ (NAEA).
The average number of homebuyers registering for property details per branch rose from 304 in August to 308 in September – the highest level since September 2007 (326).
The number of houses available for sale also went up from 65 per branch to 72 across August and September, while the number of sales remained the same with eight per branch.
NAEA president Wendy Evans-Scott said: “It is encouraging to see that the number of enquiries is increasing, but sellers need to be very realistic when pricing their property in order to secure a sale in what is still a very cautious market.”
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