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Price gap between London and the rest of the country closes dramatically

The gap between property prices in England and Wales and London has closed significantly according to a new data set released by Land Registry in conjunction with the Office of National Statistics (ONS).

Analysed by London Central Portfolio (LCP), this indicates that the average price of property in England and Wales reached £221,832 in May, now standing at almost half the price of Greater London (£472,163).

This compares to previously released Land Registry data from March when property in London was three times more expensive than the rest of the country.

However, Naomi Heaton, CEO at LCP, warns that the Government has been doing some suspect number tinkering with the highly regarded Land Registry Index. In June, their brand new index incorporating data from the ONS was launched. This replaced the Land Registry’s old HPI data, which has been used as a reliable barometer for property market trends for the last 20 years.

Heaton added: “Whilst still in ‘testing’ stage, the new statistics bear very little resemblance to the old data. When the new data set was launched, average prices jumped up 15% in England and Wales and the Government appear to re-writing history. Price growth now reflects a substantial 41% increase since the credit crunch low point, compared with just 26% in the old index.”

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