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Record drop in London house prices

London house prices have rocketed in the last year Credit: Reuters

Asking prices for property in London have seen the largest monthly drop across England and Wales. According to website Rightmove, the average figure in the capital is just over 550 thousand pounds - that's almost 6 percent lower than in July. There has, though, been a 20 per cent year-on-year jump in the number of newly-marketed homes.

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London properties selling faster

Properties in London are selling four weeks faster than the rest of the UK. Credit: Dominic Lipinski/PA Wire

Properties in London are selling ten days faster than they did this time last year.

A report by Post Office Mortgages reveals the average property in the capital sells four weeks faster than the rest of the UK and is on the market for an average of 32 days.