House prices in England and Wales rose by an average of 0.5% in May, the Land Registry said, but the headline figure disguised huge differences around the country.
While prices in London surged by 2.6% over the month, in the north-east of England they dropped by 1.9%. Prices in London are now 7.7% higher than in May 2011 while across England and Wales they have risen by just 0.4%.
In the capital the average cost of a home has reached £365,359, more than £200,000 higher than the national average of £161,677.
The Land Registry's latest figures for transactions, which relate to March, show that the number of completed sales had increased by 25% to 58,609 compared with 46,742 in March 2011.
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