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London property falls as Northern prices rise

London house prices fell in September while Northern regions saw strong rises.

Market analysts Hometrack says the average price in central London fell by 0.2 per cent in September to £441,350 from £442,251 in August.

Its monthly survey of the housing market in England and Wales shows that overall price growth was 0.6 per cent, with the average national house price now £134,400 compared with £133,600 in August.

The biggest growth was in the North, where the average price increased by 1.2 per cent to £76,050 from £75,150.

Hometrack says it is again areas away from the more expensive South-east and the Home Counties which saw the strongest price increases.

Teesside led the way within the Northern region, with the average price rising by 1.6 per cent to £66,500 in September from £65,400 in August.

Hometrack says the national slowdown in growth in September shows the market is regaining some stability after unsustainable rates of inflation in the last six months.

Housing economist John Wriglesworth says: “Record low mortgage rates, rising incomes and restricted supply point to more house price rises to come, albeit at a more modest rate. We are now predicting 16 per cent price rises for this year and 8 per cent for 2003, which is still a booming market in comparison with current retail inflation rates. I am confident that there will be no 1990s-style housing market recession.”


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