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Blaenau Gwent had the lowest median house price in England and Wales in 2014 at £75,000, a sharp contrast to the highest in the London borough of Kensington and Chelsea at £1.19 million, official figures show. The data from the Office of National Statistics (ONS) also reveals a sharp north/south divide when it comes to property prices in the country as house prices in London surged by 32% last year, leaving the rest of the country trailing. Every area of the country where property prices increased by over 20% were in the capital, while areas in the north saw homes fall by almost a quarter in value. The figures also look at home prices according to council areas. These show that the local authority that had the largest increase in median house price between 2013 and 2014 is South Bucks increasing by 23% from £390,000 to £480,000. The local authority that had the largest decrease in median house price between 2013 and 2014 is Isles of Scilly decreasing by 15% from £275,000 to £235,000. Figures were also released according to Parliamentary constituencies. Walthamstow in north east London saw the highest house price growth last year, up by 32%, taking the average price of a home from £250,000 in 2013 to £330,000 last year. While in Hammersmith prices increased by 25% from £456,000 to £570,000 on average. Dulwich, Westminster, Tottenham, Lewisham, Chelsea and Islington, representing Parliamentary constituencies across the capital make up the top 10 constituencies for house price growth. Nottingham East is the only area outside of the capital and its surrounding areas which made it into the top 25 constituencies for property price increases with 19% growth taking the typical price from £92,500 to £109,950. Bradford West suffered the worst property slump in the country with prices dropping 23% and in Blaydon in the north east the price of homes fell 5% with Rotherham in South Yorkshire also seeing a 5% drop. Data looking over the last decade shows that the biggest house price rises have been in Kensington in London with a 550% rise to £1.15 million, followed by the City of London and Westminster with a 535% rise to £980,000. Other popular commuting areas in London also saw a big rise such as Tooting with a jump of 515% taking the typical home price to £497,750 while Westminster North was up 50% to £700,000 and Vauxhall up 507% to £485,000. Continue reading →
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