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House Prices Fell By 2.1% In 2011, Hometrack Finds

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Only overseas buyers kept the property marketing from a steep decline in 2011, according to research by Hometrack.

The property analyist found house prices fell in almost 80% of areas across England and Wales. However desite an overall decline of 2.1%, in London's priciest areas they rose by nearly 5%.

In 2010, house prices fell by a less steep 1.6%.

London's house pries increased 1% because of demand in areas like Mayfair and the Knightbridge.

Richard Donnell, director of research at Hometrack, said: "The strength of the London market, where prices are up 1% and by more than 5% in central London, has flattered the national picture.

"Strong international and domestic demand saw prices in the more affluent parts of the capital rise over 2011."

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