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London house prices more than double the UK average.

From Property Talk Live on January 14, 2014

House price growth is beginning to increase strongly across parts of the UK, with prices in London increasing at more than double the UK average according to new national house price data from the Office for National Statistics (ONS).

Annual house price increases in England were driven by rises in London (11.6%), the South East (4.5%) and the West Midlands (4.4%).

In the 12 months to November 2013 UK house prices increased by 5.4%, down from a 5.5% increase in the 12 months to October 2013.

The year-on-year increase reflected growth of 5.6% in England, 5.4% in Wales, 2.5% in Scotland and 3.3% in Northern Ireland.

Excluding London and the South East, UK house prices increased by 3.1% in the 12 months to November 2013.

On a seasonally adjusted basis, average house prices increased by 0.5% between October and November 2013.

In November 2013, prices paid by first-time buyers were 6.4% higher on average than in November 2012. For owner-occupiers (existing owners), prices increased by 5.1% for the same period.

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Source: Property Talk Live