House prices in London jumped 8.2% in the 12 months to July, according to the latest data from the Land Registry.
The average price of a home in the capital now stands at £488,782 – nearly five times higher than north-east England, where residential property costs an average of £100,670.
The average price of a home in England and Wales, according to the Land Registry, is now £183,861 – 4.6% higher than a year ago.
But the latest data from the Land Registry shows the number of transactions is down. The number of completed house sales in England and Wales dropped 15% to 65,619 in May 2015 compared with 77,488 in May 2014.
And the average number of sales between February and May 2015 was 61,283 per month compared with 70,029 in the same months a year earlier.
The value of those transactions is also shrinking. In the 12 months to July 2014, the number of properties sold in England and Wales for over £1 million was 1,113 compared with 878 in the 12 months to July 2015.
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