By Daniel Hunter
Figures released by the Land Registry have revealed that house prices in London rose by 7% in the year to the end of October, far outstripping increases elsewhere.
The figures show the average London home now costs £365,000. And London is not the only region to have seen prices rise, with the average national increase at 1.1% and average prices at £161,600.
But prices have fallen in the North West, North East, East Midlands and Yorkshire.
"Record low interest rates have resulted in some of the cheapest mortgages we have ever seen with lending volumes slowing ticking up month by month," Mark Harris, of mortgage broker SPF Private Clients, told the BBC.
"However, the biggest barrier to home ownership remains the deposit as first-time buyers struggle to drum up the tens of thousands of pounds required to get on the housing ladder.
"Funding for Lending (FLS) should make this easier this year, resulting in more choice at higher loan-to-value deals and better rates," he added.
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