1. ITV Report

The north-south divide: What £500,000 can buy you

The average cost of a property in London has rocketed to a record of half a million pounds.

The figures released today by property website Rightmove revealed the average asking price in the capital was typically £509, 870.

This figure means London asking prices are more than double the national average, 8.6% higher than a year ago.

The report showed that the average asking price in the northern England is £152,689.

So how do £500,000 properties in London compare with those outside of the capital? A house in Harrogate, north Yorkshire currently on the market, is a detached seven-bedroom house.

The seven bedroom property in Harrogate, north Yorkshire is on the market for £499.950 Credit: Rightmove

The property is up for £499,950, it has three floors, two bathrooms and an ensuite shower. The kitchen measures 6.48m by 3.94m and looks onto a generously sized garden.

The property also comes with a double garage and a timber-built office in the garden.

The 7 bedroom house comes with an office in the garden and a double garage Credit: Rightmove

Now looking at a property in London that is currently on the market for £500,000 is a three bedroom detached house in south London.

The three bedroom detached house in south London is on the market for £500,000 Credit: Rightmove

The property in New Cross, Lewisham has two bathrooms and a kitchen-diner which opens onto the garden.

The property in south London has three bedrooms with a kitchen/diner that leads to the garden Credit: Rightmove
The Harrogate property has a lounge measuring 21'3" by 12'11" Credit: Rightmove

The report adds to several studies which have pointed to seller confidence lifting amid signs that home buyers are finding it easier to get access to a mortgage.

The study quoted an estate agent in London, which has had strong interest from overseas buyers, describing activity levels as "ridiculous".

The London property has a kitchen-diner opening out onto a decking area of the garden Credit: Rightmove

The house price report found that the UK average asking price for a property now sits at £249,841, a 2.1% month-on-month rise.

The research also revealed that other parts of the country to reach record high prices apart from London include, the South East and East Anglia.

This has been the strongest start to the year since 2004 in terms of asking prices, with average prices rising by 9.1% or more than £20,000 in 2013 so far, the website said.

The north saw the strongest monthly increase, with a 4.2% rise pushing typical asking prices to £152,689.

East Anglia saw the second strongest month-on-month growth, with a 4% rise taking average prices to £233,447.

Asking prices in the South East lifted to £325,489 typically, the region saw the second highest annual price growth after London, at 3.7%.

Yorkshire and Humberside and the East Midlands were the only regions where prices were lower this month compared with a year ago, dropping by 1.1% and 0.6% respectively.

More on this story