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London house prices continue to soar

The Nationwide quarterly house price review has revealed that London house prices have continued to soar into 2007, with the average house costing nearly £270,000.

The rise in the capital dwarfs any other national averages, with the national house price average being £172,065, a 9.3% annual change.

London has seen a 11.3% rise, bringing the average to £269,327.

Fionnuala Earley, group economist for Nationwide, says: “The price of houses in London continues to dwarf those in other parts of the country.

“The typical house in London costs more than one and a half times higher than the average price in the UK.

“House prices also increased by more per day in the capital during 2006.

“A typical house in Greater London increased by more than £75 per day, compared with the UK average of £40 per day.”

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