Housing market

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South West house prices rise second fastest in UK

Kevin Peachey

Personal finance reporter

House prices in the South West rose at more than three times the pace of London in the past year.

Property prices in the region rose by more than 6.5% in the year to October - the fastest in the UK, the Office for National Statistics (ONS) said.

The fastest growth over the same period was a 7% rise in the East Midlands. The slowest was 2.1% in London.

However, average prices in the capital remain the highest at £481,000, compared with a UK average of £224,000, the ONS figures show.

The typical UK house price rose by £10,000 compared with a year earlier, but was £1,000 lower than in September.

House prices rise
BBC

Millions more for housing projects

Bob Dale

BBC Live reporter

Construction (generic)
Getty Images

The government's announced another £3m for 14 new garden villages across the country, including one in Surrey.

Longcross was selected as a site for one of the new communities earlier this year, with around 4,000 new homes likely to be built there.

The new cash will be used to fund studies and planning assessments, as well as dedicated staff for the projects.

Local authorities are also being invited to bid for a share of a £25m planning delivery fund, to help speed up the delivery of homes in areas with high need.