PROPERTY values in the North West are rising at a faster annual pace than those in London, according to official figures.
In London, prices increased by 4.2 per cent in the 12 months to August - while in the North West they increased at a faster rate of 4.7 per cent, said the Office for National Statistics (ONS).
House prices hit new records in the North West, Yorkshire and the Humber, the East of England, the South East of England and the South West of England in August.
Prices surged to a record peak of £284,000 on average across the UK in August after climbing by £2,000 month-on-month.
Across the UK, house prices are 5.2 per cent higher than they were a year ago. A typical first-time buyer faces paying 3.8 per cent more than they would have done a year earlier, with the average price paid for a starter home now at £215,000.
At £298,000 on average, house prices across England are at an all-time high, the ONS said, after increasing by 5.6% over the last year.
But house prices in Scotland are still below the record levels seen there in March, standing at £198,000 typically after dipping by 0.9 per cent year-on-year.
Adrian Gill, director of Reeds Rains and Your Move estate agents, said: “The cheaper northern regions are experiencing the fastest growth in property sales, while a shortage of property stock on the market in the South is slowing activity.”