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House prices edge up in London but fall in North

The average house price in England and Wales rose by 1 per cent from £160,384 in December 2011 to £161,545 in January this year, according to the Land Registry.

The average house price in England and Wales fell by 1 per cent on an annual basis, from £163,177 to £161,545.

London saw the highest annual rise in price, up by 2.9 per cent from £341,871 to £351,305. The North-east suffered the biggest annual fall, down by 4.5 per cent from £107,071 to £102,066.

The most recent figures available show that during last November, the number of completed house sales rose 2.9 per cent from 56,312 in November 2010 to 57,967.

The number of properties sold in England and Wales for over £1m in November fell by 4.3 per cent from 548 in November 2010 to 524.

Capital Economics chief property economist Ed Stansfield says: “The data does little to alter the bigger picture that, outside the capital at least, house prices are broadly stagnant in the South but continue to edge gradually lower in the Midlands and across North- ern England.”

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