Written on 2 November 2015 by Alistair Boscawen in London
Property values in London jumped 9.6% in the 12 months to September taking the average price of a home in the capital to £499,997.
The Land Registry’s latest house price index shows the thriving London property market helped lift the average value of a home in across England and Wales by 5.3% to £186,553.
Land Registry index is based on completed house transactions and is seen as a bellwether of sentiment in the housing market.
More than 93,000 residential property sales were registered in September.
The most expensive sale recorded was in Knightsbridge, where a flat at One Hyde Park sold for £17.5m.
However, there were just 288 £2m-plus purchases in July 2015, compared with 370 in the same month last year.
At the opposite end of the spectrum, house prices in north-east England fell by 0.3% from a year earlier, pushing down the average price in the region to £99,559.
That means the house price gap across England and Wales is £400,438.
Meanwhile repossessions in England and Wales fell 50% to 471 in the year to July, according to the Land Registry, compared with 943 in the 12 months to July 2014.
The fall reflects the wider improved economic environment, with homeowners benefiting from a combination of improved earnings growth, record high employment and low interest rates – meaning they are keeping on top of repayments.
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