London property prices rose by 3.7% over the year, says LSL

Friday, 08 April 2011 09:50

London and the south east have again bucked the national trend by showing an increase in property prices over the year, new figures have revealed.

Prices in the capital have increased in value by 3.7 per cent, while homes in the south east have risen by 0.1 per cent, according to the LSL index.

But it was a different story in other parts of England and Wales, with falls of up to 3.4 per cent and 2.9 being recorded in Yorkshire/Humber and Wales respectively.

The wide fluctuation in prices resulted in a static overall annual figure, with the average house price standing at £222,146.

David Newnes, managing director of LSL Property Services, which owns Your Move and Reeds Rains, said: “The static national figures conceal a much more dynamic picture in the regions, where prices are moving sharply in both directions.

“London and the south east continue to power forward.”

Seasonally adjusted transactions rose by 6 per cent, fuelled by the rush to beat the stamp duty increase on £1 million-plus properties from four per cent to five per cent from April 6.
 

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