Booming London market disguises sluggish activity elsewhere in the UK as Land Registry figures show 0.3% rise in the prices.
House prices in England and Wales rose by 0.3% in November to an average of £161,490, according to figures from the Land Registry.
The official figures showed prices were up 0.9% on 2011 on average, although the headline figure disguised huge variations around the country. In Blaenau Gwent in Wales prices were down by 4.9% year-on-year, while in Greater London they recorded a 5.9% increase.
The figures underline how the prime London property market has continued to boom against a backdrop of sluggish activity. In Kensington and Chelsea, the UK’s most expensive borough, although prices fell by 2.2% in November they were up 12.1% year-on-year at an average of £1.1m – almost seven times the national average.
Neighbouring borough the City of Westminster saw a 0.8% drop over the month, but prices remained 13.9% higher than in November 2011, averaging £775,596.
Recent figures from Lloyds TSB showed that four of the five most expensive streets to live on in the UK were in Kensington and Chelsea, with the priciest, Egerton Crescent, boasting an average property value of £8.1m. This was £3m more than the next highest address, Parkside in Merton, south-west London.