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North-south house price divide widens


New data from the Office of National Statistics (ONS) has shown the north-south house prices divide is at its biggest ever. The difference between the average house prices in London and in the North East has grown to its widest in history, with a £360,000 gap.

An average house price in London is £514,000, while in the North East it stands at £154,000. London saw an increase of 12.2%, the highest in England, while the North East only saw a small increase of 3.8%. The house prices in the capital have risen 19.6% in the 12 months leading to August.

House prices on average across the whole of the UK rose by 11.7%, according to the data. The average house price in the UK hit £274,000 in August, which is a record high.

David Newnes, director of Reeds Rains and Your Move estate agents, said:
“A north-south divide in the field remains evident in the race back from the debris of the financial crash,
"For six regions of the UK, average property prices achieved on completion are yet to match their pre-crisis score. The north has the furthest ground to travel, with average prices still 8.3pc (or £13,400) below their housing boom high in March 2008. The path of the London property scene is best plotted on a different scale to the rest of the country."

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