What is going on, seriously?
Instead of buying an average home in London, you could buy five average homes in the North East, and have a bit left over.
That’s the depressing truth for anyone who is buying or attempting to buy property in the capital.
The average residential property in London cost £530,409, compared with £97,117 in the North East, according to Land Registry data.
London prices rose the most too – with a 13.9% rise in the year to the end of January.
Sales of homes worth over £1m increased, while only one property under £50,000 was sold in London.
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