Average house price in London nears £500,000

Soaring: The average house price in London is just £3 shy of half a million pounds
PA

The price of an average home in London has soared to nearly £500,000, official figures released today show.

Data from the Land Registry, which records all property sales, shows that in September the average price in the capital increased by 1.8 per cent, or nearly £7,000, to £499,997 — a new record. The average price in England and Wales is £186,553.

Today’s figures push the increase in London over the past year to 9.6 per cent, which the Land Registry report states is “considerably higher than most other regions”.

The average annual increase in England and Wales was 5.3 per cent and in the South-East it was 8.5 per cent.

Kensington and Chelsea remains the most expensive London borough in which to buy a home, with an average property costing over £1.3 million.

Newham was the borough seeing the biggest annual price rise, with an average home up 13.6 per cent to nearly £317,000, while Hounslow had the highest monthly rise, up 2.1 per cent to £383,500.

The only monthly fall was in Hackney, where the average dipped 0.3 per cent to just under £630,000. Hammersmith and Fulham was the only borough to see an annual fall, down 0.5 per cent to just over £785,000.

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