London

The row over the costs of staging the Olympic Games in London in 2012 continues to rage. Discussions have now moved out of the press pages and into the courts.

The average house price in the UK has passed the £200,000 level, according to the Department for Communities & Local Government.

Figures published by Hometrack suggest strong gains in the London market through January more than offset slow sales elsewhere, pushing the national average price for property up yet again.

The cost of buying a home once first-time buyers are on the property ladder climbs substantially once buyers strive for the next level up.

Residential property in London is now worth over 50% more than the average UK house price, and the value of UK property has continued to climb by another 2.1% in the last quarter, according to Nationwide's latest house price index.

The average London house price is now over £250,000 following consecutive price increases over eight months, according to data released by Haart estate agents.

Share dealings sent the FTSE down 50.60 5,964.60 points to by the close, led by ITV, which saw its price drop 5.75p to 119.25p after venture capital groups Apax and Blackstone abandoned their attempts to buy the television company.

House prices rose by 0.5% in March the latest survey from Hometrack reveals.

Early morning explosions of unidentified nature have closed all London Underground stations in and around the City, helping extend opening losses by the FTSE, which has dropped about 40 points to 5,190.

The International Olympic Committee has just announced LONDON will host the 2012 Olympic Games.