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The multi-million dollar ‘Game of Homes’ that drove a wedge between Rupert Murdoch and Jerry Hall

The marriage was hasty — entered into less than a year after they started dating. But, aged 59 and 84 respectively, the bride and groom were certainly old enough to know what they wanted.

And now, six years after they said ‘I do’, the divorce between supermodel Jerry Hall and billionaire media mogul Rupert Murdoch is being conducted at equal lightning speed.

A bare six weeks after Jerry filed for divorce on the grounds of ‘irreconcilable differences’, they have reached a settlement.

A joint statement, released by the New York PR firm Rubenstein on Wednesday night, after the Mail revealed that Jerry had asked the LA courts to cancel the divorce petition, ran: ‘Jerry Hall and Rupert Murdoch have finalized their divorce. They remain good friends and wish each other the best for the future.’

Media mogul Rupert Murdoch (left) and supermodel Jerry Hall finalized their divorce on Wednesday as they promise to remain good friends

Media mogul Rupert Murdoch (left) and supermodel Jerry Hall finalized their divorce on Wednesday as they promise to remain good friends 

Jerry, now 66, exits with her dignity mostly intact and a figure said to be around ­£250 million, plus two houses, according to sources familiar with the proceedings. 

Considering the marriage lasted only six years and three months, it appears as though her $1,000-an-hour New York lawyer Judy Poll, who has also looked after actresses Drew Barrymore and Scarlett Johansson, struck a good deal for Jerry.

Although sources close to Rupert Murdoch said the total figure was more like £50m.

Texan Jerry, though, remains ‘very sad’ about the way things have worked out.

She has told confidantes that her love story with Murdoch was like the Shakespeare tragedy Romeo And Juliet — with the two star-crossed, albeit rather senior, lovers driven apart by their families. In this case, Rupert’s children.

It’s an arresting claim — but is there any truth in it?

MONTANA: Only seven months ago it was revealed they had purchased a $200million 340,000-acre cattle ranch in the US

MONTANA: Only seven months ago it was revealed they had purchased a $200million 340,000-acre cattle ranch in the US

HENLEY: Holmwood House, the $13 million mansion near the Thames, which they bought in November 2011

HENLEY: Holmwood House, the $13 million mansion near the Thames, which they bought in November 2011

Certainly, the Murdoch clan teems with highly intelligent and competitive adult children, notably Prudence, 64, Elisabeth, 53, Lachlan, 50 and James, 49, Murdoch’s children by his first and second marriages. (His daughters by third wife Wendi Deng are 21 and 19, and too young to have a role, yet).

The popular view is that, as per the TV drama Succession, these adult children naturally weigh every twist and turn of their father’s fortune to see how it might affect them, and their inheritances. If that is the case, then they will probably be having champagne for breakfast as it can be revealed that one of Jerry’s wishes, to be given the giant $200million ranch in Montana, has been denied. It can also be revealed that she has been displaced from what all consider to be the key family property, the Moraga vineyard in Bel Air.

Moraga is the only vineyard in LA, and the estate comprises 14 acres atop the Benedict Canyon fault. The house, built in the 1920s, looks like a Tuscan farmhouse and has 11 bedrooms. Murdoch bought it for $27million in 2013.

Jerry was brought here for extended visits during their courtship and always loved it. She fully bought into the lifestyle and held court at a lavish ‘backyard BBQ’ held there in 2019 to celebrate 30 years of wine production.

Rupert Murdoch and Jerry Hall outside St Bride's church in London following a service to celebrate their wedding in 2016

Rupert Murdoch and Jerry Hall outside St Bride’s church in London following a service to celebrate their wedding in 2016

The 91-year-old tied the knot with Hall, 65, in a low-key ceremony in London in March 2016. The couple pictured shortly after the ceremony

The 91-year-old tied the knot with Hall, 65, in a low-key ceremony in London in March 2016. The couple pictured shortly after the ceremony 

She even told guests that she had completed a course in viticulture because she had such a love for the place. Her former partner, Rolling Stone Mick Jagger, was incidentally among the invited guests enjoying Mrs Murdoch’s hospitality on that occasion.

Jerry listed Moraga as her address in her court filing on July 1, and was living there along with her daughter Lizzie and grandson Eugene during the winter — but Rupert Murdoch is firmly in residence now.

He was spotted, stern-faced, being chauffeur-driven in and out of Moraga this week.

In Murdoch’s corner for the divorce — and making sure that he kept his slice of paradise — was Robert S.Cohen, an impressive legal force who went into bat for Melinda Gates in her massive divorce from tech tycoon Bill Gates.

Pictured: Sons Lachlan (left) and James (right) posing with their father on his wedding day

Pictured: Sons Lachlan (left) and James (right) posing with their father on his wedding day

It’s whispered in New York that he was hired on the advice of Murdoch’s son and heir apparent Lachlan, and it was suggested recently on the Daily Beast website that Lachlan has helped his father to exit this, his fourth marriage. Again, it’s not possible to be sure that this is the case, but a source says: ‘There’s no love lost between Lachlan and Jerry. Lachlan will definitely not be getting a Christmas card from Jerry this year.’

While all parties were declining to comment yesterday, I’m told that the divorce deal largely sticks with the pre-nup which the couple agreed before their wedding in London.

Jerry gets one property in the UK — the $13million house in Henley — and a house in France which was quietly bought for her about four years ago.

Rupert Murdoch got what he wanted, which was to get out — fast and clean — and keep hold of everything that he could.

He is renowned, not to say feared, as a wily operator who strikes at speed. This speedy and bloodless skirmish — leaving him with homes in America, Australia and the UK, where he keeps an apartment in the exclusive London district of St James’s — will only burnish that reputation. However, the question remains: why and when did the marriage go wrong?

Friends of Hall in the UK say that they saw the couple together in late April and May and they appeared delightfully happy.

The Daily Beast website suggests, though, that things started to fall apart last autumn.

What appears clear is that the thread which unravelled the union was Murdoch’s decision to sell up in New York.

He has a three-floor ‘Master of the Universe’-style penthouse in the One Madison building in Manhattan, plus a smaller apartment on the next floor down in the same building.

Hall has moved out of the family's primary sprawling $150M Bel-Air home, in Los Angeles, where she was mostly recently living

Hall has moved out of the family’s primary sprawling $150M Bel-Air home, in Los Angeles, where she was mostly recently living

The house, built in the 1920s, looks like a Tuscan farmhouse and has 11 bedrooms and a large swimming pool. Murdoch bought it for nearly $27 million in 2013

 The house, built in the 1920s, looks like a Tuscan farmhouse and has 11 bedrooms and a large swimming pool. Murdoch bought it for nearly $27 million in 2013

Those properties — with magnificent, 20ft glass walls giving floor-to-ceiling views of the Hudson and East Rivers, the Empire State Building and the World Trade Center — went on the market in March for $78million. They are still up for sale now.

Before they could be sold there was some paperwork to sort out as the New York apartments were part of the pre- nuptial agreement.

Sources close to Jerry say that Murdoch generously offered to swap Jerry’s interest in the properties for ownership of his Montana ranch, which is more than twice as valuable — it was bought for $200million in 2021.

It’s said that some in the family weren’t happy with this.

Sources now confirm that Jerry never got the Montana ranch, and it seems that rumblings about that deal may have ultimately ended in the collapse of the marriage a few months later in June.

Beaverhead Ranch is worth bickering over: it is jaw-droppingly vast, spanning 340,000 acres and measures around 50 miles from north to south. Close to the Yellowstone National Park, it teems with cattle and was sold as a working ranch.

At the time of purchase it was the largest property deal ever done in the state. Murdoch promised that he would ‘enhance’ the commercial cattle business and the ‘conservation assets’ of the wilderness.

The home is the only is the only vineyard in LA. The estate comprises 14 acres atop the Benedict Canyon fault

The home is the only is the only vineyard in LA. The estate comprises 14 acres atop the Benedict Canyon fault

The large estate also features its own tennis court located in the missive backyard of the estate

The large estate also features its own tennis court located in the missive backyard of the estate

The Montana ranch was the site of several gatherings of their large, extended family.

There was perfect privacy for all in Montana, plus spectacular mountain views, 4,000 elk, 800 antelope, and a 28-mile creek teeming with trout. You can understand why Jerry, raised in Mesquite, Texas, was keen on it.

It wasn’t to be, though — and sources confirm that Jerry didn’t get the ranch in the division of property, either.

The marriage was declared over by email in June, with Murdoch telling her that from that point they should correspond only via lawyers. Jerry was stricken — professing heartbreak and saying that she was still ‘in love’ with him.

At that point she was in the UK and was planning to spend the summer here with him — at his side at his annual media party in June in London followed by the wedding of his granddaughter Charlotte Freud in Oxfordshire early in July.

Her reaction to the bombshell is fascinating. Within a week of the split becoming public knowledge Jerry had filed for divorce — in California — giving her home address as the Moraga vineyard.

And here began the ‘Game of Homes’ manoeuvring. For not only would Murdoch never countenance losing Moraga, he would also instantly grasp the message given.

For California is what is known as a ‘community property state’. This means that when two people get married, they are considered a single entity for the purpose of property ownership.

Thus, any property or assets that either buys during the marriage is considered community property — and is owned by both spouses.

Murdoch and Hall were last seen together in public in London in August 2021, when they were pictured arriving separately at a dinner. They are understood to have then left together in a shared car

Murdoch and Hall were last seen together in public in London in August 2021, when they were pictured arriving separately at a dinner. They are understood to have then left together in a shared car

Murdoch and Hall were last seen together in public in London in August 2021, when they were pictured arriving separately at a dinner (seen). They are understood to have then left together in a shared car

Including a certain $200million ranch in Montana, plus the house in Henley.

Assets bought before the marriage — including the New York apartments, the Moraga vineyard and a 25,000 acre sheep station in Australia — are not included in the common pot.

Murdoch, as the veteran of three divorces, will have been well aware of all of this, and painfully aware of how much a divorce could cost him. Wendi Deng reportedly got £380 million and her predecessor Anna, his wife for 31 years, $1.6billion in 1999.

The tycoon, whose empire includes the Sun and Times newspapers as well as Fox News in the U.S., is worth $19 billion.

Jerry received only $14.9 million from Mick Jagger after they split and you can see why, this time around, she would have been determined not to have a disadvantageous deal.

It turned out that the marriage Jerry and Jagger went through in Bali had no legal force — a nasty surprise for her — and the Rolling Stone didn’t even give her their old marital home in Richmond. Instead they remained co-owners.

Jerry Hall is now officially divorced from Rupert Murdoch. She is pictured (above) in Los Angeles in 2016

Jerry Hall is now officially divorced from Rupert Murdoch. She is pictured (above) in Los Angeles in 2016

Rupert Murdoch and Jerry Hall pictured together in California in 2019

Rupert Murdoch and Jerry Hall pictured together in California in 2019

Rupert Murdoch and Jerry Hall attend the 'The Quiet One' screening at the 2019 Tribeca Film Festival at SVA Theater

Rupert Murdoch and Jerry Hall attend the ‘The Quiet One’ screening at the 2019 Tribeca Film Festival at SVA Theater

Another act which you might interpret as legal trickery was the serving of the divorce papers.

These were thrust into Rupert Murdoch’s hand as he waited to board a private jet at Brize Norton following his granddaughter’s wedding.

Process server Michael Colacicco, a former Met Police detective, did the deed and it is confirmed in writing that Murdoch was served ‘in the car park’ in a written note filed into court.

At the start of the summer, Jerry was in Henley, at the house which was bought for more than $13million. I’m told that she filed for divorce giving her address as California even though at the time she was actually there.

Elizabeth Jagger, Mick Jagger, Jerry Hall, Rupert Murdoch, Harvey Keitel and Daphne Kaster pose together at a garden party in LA in 2019

Elizabeth Jagger, Mick Jagger, Jerry Hall, Rupert Murdoch, Harvey Keitel and Daphne Kaster pose together at a garden party in LA in 2019

A local shopkeeper said: ‘There was somebody at the property about six weeks ago. We always know when the house is being used because they will ring us and ask for newspapers to be delivered.’

But since then, according to locals, the house has been used by her son Gabriel rather than Jerry herself.

A neighbour said: ‘I don’t think she’s there. Six or nine months ago they went to California for the winter.

‘It’s her son who is living there now. With everything going on, she doesn’t have much reason to be here, I suppose.’

Friends believe she is currently in St Tropez, one of her favourite parts of the world. She has owned property in the hills above St Tropez for decades, and likes to spend August in the Med.

Around four years ago she quietly sold the house in St Tropez which she was given by Mick Jagger and bought a new, bigger and better one. ‘The old place was too small when Rupert’s family came to stay,’ she explained.

Perhaps that makes the space and freedom she is now enjoying all the sweeter.

Additional reporting by Daniel Bates

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Britain’s most expensive and cheapest places to buy or rent a home revealed

The most expensive and cheapest places to buy or to rent in Britain have been revealed.

Aberdeen tops the list of the cheapest cities for first-time buyers, while the most expensive is perhaps no surprise, London, where average prices tend to be higher than the rest of the country.

It is a similar picture for the most expensive places to rent, with the capital ranked top of that list too.

On the flipside, tenants are also required to head north if they want to live in the cheapest city to rent, Carlisle, in Cumbria.

The cheapest cities for first-time buyers and tenants have been identified by Rightmove

The cheapest cities for first-time buyers and tenants have been identified by Rightmove

The figures were based on monthly mortgage and rent costs.

Home purchase figures calculated by Rightmove assumed that first-time buyers in Scotland and Wales have a 20 per cent deposit, and first-time buyers in England have a 25 per cent deposit.

The size of deposit was based on averages from UK Finance, which revealed that more first-time buyers are choosing longer repayment terms to improve their affordability.

As such, the repayment term used in the Rightmove calculations was 35 years. Rightmove also assumed that the typical first-time buyer property had two bedrooms or less.

Aberdeen tops the list compiled by Rightmove of the cheapest cities for first-time buyers

Aberdeen tops the list compiled by Rightmove of the cheapest cities for first-time buyers

THE CHEAPEST CITIES TO BUY A TYPICAL FIRST-TIME BUYER PROPERTY
Cities Average asking price for a first-time buyer type property (2 bedrooms and fewer) Average monthly mortgage payment (per month)* Average monthly rental payment (per month) Mortgage versus Rent
Aberdeen £102,601 £406 £775 -£369
Bradford £107,929 £400 £714 -£314
Sunderland £111,263 £413 £648 -£235
Carlisle £111,268 £413 £607 -£194
Preston £112,273 £416 £787 -£371
Hull £113,920 £423 £638 -£215
Dundee £116,191 £460 £821 -£361
Stoke-On-Trent £117,113 £434 £701 -£266
Durham £125,957 £467 £796 -£328
Doncaster £128,062 £475 £707 -£232
Source: Rightmove       
THE MOST EXPENSIVE CITIES TO BUY A TYPICAL FIRST-TIME BUYER PROPERTY
Cities Average asking price for a first-time buyer type property (2 bedrooms and fewer) Average monthly mortgage payment (per month) Average monthly rental payment (per month) Mortgage versus Rent
London £501,934 £1,862 £2,264 -£402
St. Albans £391,964 £1,454 £1,509 -£55
Cambridge £361,429 £1,341 £1,533 -£193
Winchester £344,638 £1,278 £1,332 -£53
Oxford £338,085 £1,254 £1,561 -£307
Brighton £335,402 £1,244 £1,468 -£224
Bristol £280,112 £1,039 £1,336 -£297
Chelmsford £262,522 £974 £1,300 -£326
York £244,834 £908 £1,145 -£237
Edinburgh £239,028 £946 £1,310 -£365
Source: Rightmove       

The average asking price in Aberdeen is £102,601, with the average monthly mortgage payment at £406 a month.

The most expensive city is followed by Bradford with an average asking price of £107,929 and Sunderland, which is ranked third with an asking price of £111,263.

For those in the rental market, the most expensive place to rent outside of London is Oxford, where an average two-bedroom or small home costs £1,561 a month.

At the other end of the scale, the cheapest city for a tenant who is looking for a two-bedroom or smaller property is Carlisle where such rents are £607 a month.

Mortgage rates are slightly higher than a year ago, but have stabilised since the peak in July 2023.

Rightmove explained that this has helped those looking to move at the start of this year.

The average mortgage payment for a typical first-time buyer looking at a property with two bedrooms or less is £53 more than a year ago, compared to £81 for tenants.

It means that those who can afford to save a good sized deposit of at least 20 per cent, it is cheaper to pay a monthly mortgage than rent in each of the largest cities in Britain.

Winchester is among the most expensive cities for first-time buyers looking for a property with two bedrooms or fewer

Winchester is among the most expensive cities for first-time buyers looking for a property with two bedrooms or fewer

Mark Harris, of mortgage broker SPF Private Clients, said: ‘We remain a nation of aspirational homeowners, despite higher mortgage rates and the difficulty in raising a deposit. 

‘Renting may give more flexibility but also less security and crucially ends up costing more than buying your own place.

‘However, the high cost of home ownership, particularly in London and the south east means that it’s practically impossible to get on the housing ladder without financial assistance from family members. 

‘Longer mortgage terms are inevitable as borrowers try to make the monthly costs more affordable but of course they will end up making many more payments over an extended period of time. 

‘It is worth opting for a longer term to help with the affordability calculations and then trying to overpay to reduce the term and interest, as and when you can afford to do so.’

Carlisle in the country of Cumbria is the cheapest city for those looking to rent

Carlisle in the country of Cumbria is the cheapest city for those looking to rent

THE CHEAPEST CITIES FOR TENANTS
Cities Average monthly rental payment (per month) Average asking price for a first-time buyer type property (2 bedrooms and fewer) Average monthly mortgage payment (per month)* Rent versus mortgage
Carlisle £607 £111,268 £413 £194
Hull £638 £113,920 £423 £215
Sunderland £648 £111,263 £413 £235
Stoke-On-Trent £701 £117,113 £434 £266
Doncaster £707 £128,062 £475 £232
Bradford £714 £107,929 £400 £314
Wrexham £754 £129,649 £513 £241
Lancaster £764 £152,062 £564 £200
Aberdeen £775 £102,601 £406 £369
Preston £787 £112,273 £416 £371
Source: Rightmove       
THE MOST EXPENSIVE CITIES FOR TENANTS
Cities Average monthly rental payment (per month) Average asking price for a first-time buyer type property (2 bedrooms and fewer) Average monthly mortgage payment (per month)* Rent versus mortgage
London £2,264 £501,934 £1,862 £402
Oxford £1,561 £338,085 £1,254 £307
Cambridge £1,533 £361,429 £1,341 £193
St. Albans £1,509 £391,964 £1,454 £55
Brighton £1,468 £335,402 £1,244 £224
Bristol £1,336 £280,112 £1,039 £297
Winchester £1,332 £344,638 £1,278 £53
Edinburgh £1,310 £239,028 £946 £365
Chelmsford £1,300 £262,522 £974 £326
Milton Keynes £1,239 £233,320 £865 £373
Source: Rightmove       

Meanwhile, soaring rents across Britain mean that the cost of renting a two-bedroom or small home has increased by 39 per cent in the last five years.

This compares to a jump of 19 per cent in the cost of buying a similar type of property.

Rightmove claimed that even if a first-time buyer had a smaller deposit of 15 per cent and sought to repay their mortgage over a shorter mortgage term of 25 years, it would still be cheaper to pay a mortgage than rent in 39 out of Britain’s 50 largest cities outside of London.

Rightmove’s Tim Bannister said: ‘These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.

‘Longer mortgage-terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.

‘Without improvements to the supply of good quality, affordable rental homes in Great Britain, owning your own home is likely to continue to be the end-goal for those that can get their deposit together, and borrow what they need to from a mortgage lender.’

Best mortgage rates and how to find them

Mortgage rates have risen substantially after the Bank of England’s raised base rate rapidly.

The Bank is now holding rates and expected to cut – leading to mortgage costs coming down – but deals remain far more expensive than two or five years ago. 

If you are looking to buy your first home, move or remortgage, or are a buy-to-let landlord, it’s important to get good independent mortgage advice from a broker who can help you find the best deal. 

To help our readers find the best mortgage, This is Money has partnered with independent fee-free broker L&C.

Our mortgage calculator powered by L&C can let you filter deals to see which ones suit your home’s value and level of deposit.

You can also compare different mortgage fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes, with monthly and total costs shown.

Use the tool at the link below to compare the best deals, factoring in both fees and rates. You can also start an application online in your own time and save it as you go along.

> Compare the best mortgage deals available now

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Aviation and Telecom Industries Reach Compromise on 5G Deployment

The Voice Of EU | In a significant development, AT&T and Verizon, the two largest mobile network operators in the United States, have agreed to delay the deployment of 5G services following requests from the aviation industry and the Biden administration. This decision marks a crucial compromise in the long-standing dispute between the two industries, which had raised concerns over the potential interference of 5G with flight signals.
The aviation industry, led by United Airlines CEO Scott Kirby, had been vocal about the risks of 5G deployment, citing concerns over the safety of flight operations. Kirby had urged AT&T and Verizon to delay their plans, warning that proceeding with the deployment would be a “catastrophic failure of government.” The US Senate Commerce Committee hearing on the issue further highlighted the need for a solution.
In response, US Transportation Secretary Pete Buttigieg and Federal Aviation Administration (FAA) head Steve Dickson sent a letter to the mobile networks, requesting a two-week delay to reassess the potential risks. Initially, AT&T and Verizon were hesitant, citing the aviation industry’s two-year preparation window. However, they eventually agreed to the short delay, pushing the deployment to January 19.
The crux of the issue lies in the potential interference between 5G signals and flight equipment, particularly radar altimeters. The C-Band spectrum used by 5G networks is close to the frequencies employed by these critical safety devices. The FAA requires accurate and reliable radar altimeters to ensure safe flight operations.

Airlines in the US have been at loggerheads with mobile networks over the deployment of 5G and its potential impact on flight safety.

Despite the concerns, both the FAA and the telecoms industry agree that 5G mobile networks and airline travel can coexist safely. In fact, they already do in nearly 40 countries where US airlines operate regularly. The key lies in reducing power levels around airports and fostering cross-industry collaboration prior to deployment.
The FAA has been working to find a solution in the United States, and the additional two-week delay will allow for further assessment and preparation. AT&T and Verizon have also agreed to not operate 5G base stations along runways for six months, similar to restrictions imposed in France.
President Joe Biden hailed the decision to delay as “a significant step in the right direction.” The European Union Aviation Safety Agency and South Korea have also reported no unsafe interference with radio waves since the deployment of 5G in their regions.
As the aviation and telecom industries continue to work together, it is clear that safe coexistence is possible. The delay in 5G deployment is a crucial step towards finding a solution that prioritizes both safety and innovation. With ongoing collaboration and technical assessments, the United States can join the growing list of countries where 5G and airlines coexist without issue.

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How Much Have House Prices Changed In Your Area?

UK Home Prices

UK homeowners saw the value of their homes rise for the third month in a row, according to analysis by online estate agent Purplebricks.

The North East and North West of England were the biggest winners in average value rises in the UK, the latest figures show.

And now a new online calculator can show how much house prices have changed in your area in the last year.

The interactive tool below has been updated to include the latest House Price Index data, released by the Office for National Statistics today.

To use the Purplebricks calculator, simply search for YOUR local area and find out how house prices have changed over the last 12 months:

UK homeowners saw the value of their homes rise for the third month in a row, according to analysis by online estate agent Purplebricks

UK homeowners saw the value of their homes rise for the third month in a row, according to analysis by online estate agent Purplebricks

This three-bedroom semi flat in Stroud, where prices rose 9.8%, is on the market for £360,000

This three-bedroom semi flat in Stroud, where prices rose 9.8%, is on the market for £360,000

Average UK house prices increased by 0.4% or £1,000 from January to February, making the average property now valued at £281,000, according to today’s House Price Index (HPI).

Over the 12-month period to February, average prices fell just 0.2%, which is an improvement from the 1.3% decline in the 12 months to January this year.

In England, house prices were also on the increase, with a 0.6% monthly rise, making average property now valued at £298,000 – despite a 1.1% fall over the last year.

The North East of England saw the biggest monthly increase, with property prices soaring 3.2%, and 2.9% over the year. Average homes there are now worth £160,000.

And, homeowners in the North West saw the greatest annual price rise, up by 1%, meaning the average property there is now worth £214,000.

London is once again the hardest-hit UK region, with 4.8% annual decline, but a fall of just 0.7% from January to February – pricing the average home in the capital at £503,000 today.

Homeowners in The City of London were the surprise property-price winners, after a six-figure decline last month.

Homes in the capital’s famous banking district rose more than £73,000 or 9.1% – more than anywhere else in the UK – meaning the average property is now worth around £808,000.

But that was far from the picture across the rest of London, which saw six-figure price plunges in four areas and declines in a total of 29 areas.

The City of Westminster was hardest hit by the price drop, with properties shedding an eye-watering £190,000 over the last year.

This three-bed semi in South Hams, where prices rose 7.9%, is on the market for £490,000

This three-bed semi in South Hams, where prices rose 7.9%, is on the market for £490,000

Average UK house prices increased by 0.4% or £1,000 from January to February, making the average property now valued at £281,000

Average UK house prices increased by 0.4% or £1,000 from January to February, making the average property now valued at £281,000

Elsewhere in the capital, the exclusive borough of Kensington and Chelsea saw prices sink by more than £160,000 in a year, with Camden homes losing nearly £130,000 and Hammersmith and Fulham homes losing just over £100,000.

Outside London, the commuter town of St Albans saw nearly a £25,000 year-on-year price rise, making the average home now worth £589,270.

And, the picturesque North East district of Ribble Valley saw house prices increase by just over £20,000 in the last year, making the average property now worth £284,355.

House prices in Wales increased by 0.4% over the last month, despite an annual 1.2% fall – making the average property worth £211,000.

And, property prices continue to climb in Scotland, with the average home now priced at £188,000 after a 5.6% increase over the last year.

And, prices in Northern Ireland increased by 1.4% to £178,000 in the year to Quarter 4 of 2023.

Purplebricks CEO Sam Mitchell said: ‘Britain has now seen its third consecutive month-on-month increase in property prices – fantastic news for homeowners.

‘This three-month increase is evidence of a reinvigorated property market that will continue to go from strength to strength.’

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