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London homes worth £554bn

13 April 2012

The staggeringly high value of London's houses can be revealed today.

Research by the Halifax for the Standard shows private homes in Greater London are now worth £554billion - more than a 10th of the entire value of Britain as estimated by the Office of National Statistics.

The amount is almost 3.5 times the figure in 1994. Halifax Group economist Tim Crawford said: "The increase reflects the sharp rise in prices but also renovation and regeneration in many areas."

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Office Of National Statistics