Property inflation in London is outpacing average house price growth in England and Wales by three per cent, according to the March index from the Land Registry.
An average house in the capital will now set buyers back £323,511 after annual inflation in London has climbed to 11.6 per cent; whereas a homebuyer would find prices in the rest of the UK averaged out at £178,423 in March, up 8.3 per cent on the year but only one per cent on the month.
Kensington and Chelsea again led London's annual house price growth, rising by 19.8 per cent, but Brent was the best performer on the month, where prices increased by 2.6 per cent.
Wales had showed the greatest shift on the month, with property prices pushed up 4.8 per cent to cost, on average, £141,767. Although the annual rate of house price inflation for Welsh properties was below that of London, the 9.2 per cent increase was above the rate for the national average by 0.9 percentage points.
The East Midlands saw the lowest yearly inflation, with an increase of just 4.7 per cent, while the north-east of England saw prices drop by a percentage point - the largest fall in the index.
"The data for this month shows one of the highest annual increases in almost two years. A year ago, in March 2006, the annual price change was 4.3 per cent, almost half the 8.3 per cent annual price change in March 2007," the Land Registry reported. More >>
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