House prices in the East Midlands are rising more than three times faster than those in London, as the capital’s housing market reaches its peak of affordability.

The average price of a home in the East Midlands rose by 7 per cent in the year to October to reach £185,000. This was the fastest rate of growth of any region in England, according to data compiled by the Land Registry and the Office for National Statistics.

Leicester, Wellingborough and Rutland are among nine local authorities that had double-digit house price growth this year, as recovery since the credit crunch gathers pace in the Midlands and further north.

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