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Land Registry: November house prices down 1.9% year-on-year

Average house prices in England and Wales fell by 1.9% year-on-year to reach £160,780, according to the latest Land Registry data.

This represents a monthly rise of 0.3% compared to October.

The only region to experience an annual increase in property values was London, which saw a rise of 1.4%, while the North-East saw the greatest annual fall at 5.4%.

In addition, the most up-to-date figures available show that the number of completed house sales in England and Wales increased by 6% from 57,463 in September 2010 to 61,031 in September 2011.

The number of properties sold for over £1m increased by 1% from 720 in September 2010 to 729 in September 2011.

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Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

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