Article: Average price of a London home has reached [pounds sterling]262,000; Putney flat costs same as four-bed Portsmouth house.

Byline: MIRA BAR-HILLEL

THE AVERAGE price of a London home has broken the quarter-of-a-million mark - hitting a new peak of just over [pounds sterling]262,000, figures reveal today.

Prices are five per cent higher than they were a year ago, the Land Registry has found. Following falls earlier in 2003, they are also six per cent higher than they were in the summer and appear to be continuing to rise in most locations.

The number of London homes sold for more than [pounds sterling]1 million has also bounced back. Between July and September 2003, 522 properties were sold for more than six figures, compared to 338 sold between April and June.

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