UK house prices: Average London home is worth over 4 times the cheapest in England and Wales

More than £350,000 separates the cheapest and most expensive average regional house prices across the UK, according to official figures.

Data from the Land Registry shows that in January, the average value of a home in London was at £458,283 – more than quadruple the average in England's North East which is £97,974 and the cheapest.

Every region in the UK saw a slight rise in house prices last year, but the annual rate slowed to 6.7% in 2014.

In December alone, house prices in England and Wales edged up by 1.3%. The average price of a home now stands at £179, 492.

Detached homes are still the most expensive, with a mean price tag of £282,338, but semi-detached homes rose the most in 2014 – up by 7.4% to £170,926.

Although the massive differentiation between prices in various region is cause for concern, business secretary Vince Cable says that the bigger problem is the "generational gap".

He is quoted by the BBC as saying: "A generational gap has opened up in a spectacular and worrying way.

"We are only seeing the first stage of the problem. If it continues for 20 to 30 years, we will be in a position that older people cannot cover living costs and rent. We will have a massive housing benefit bubble waiting to burst."