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Property prices up again

House prices rose by 0.6 per cent in April, official figures from the Land Registry (LR) show.Although this monthly increase represents a slight decrease on March's figure, the new annual growth figure of 9.1 per cent is still among the highest for two years.The average price of a property in England and Wales now stands at £179,935, up from £178,423 in March.But most of this growth came from London, the LR said, where growth was six per cent higher than elsewhere in England and Wales. In April alone house prices in the capital rose 2.3 per cent.Smaller properties are driving most of the growth, with flats and maisonettes seeing a year-on-year change of 10.2 per cent compared to detached properties' 7.5 per cent.The lowest rate of price increases was in the East Midlands, where growth stood at just six per cent.Today's figures suggest a slight cooling down in the market as affordability constraints and interest rate rises begin to take their toll.But the market continues to show signs of strength as the underlying relationship between strong demand and limited supply remains stable.

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