London's average house price is set to break the half a million pound barrier this year, according to new research from the University of Oxford.
Oxford academics analysed the value of actual properties sold around the country in the last year.
They found that whilst property prices across England increased by £33.7 billion, a third of those sales were in London.
Most of the rise occurred in a very small part of the capital, with a third of the total increase spent on housing in just five boroughs:
- Kensington & Chelsea
- Hammersmith & Fulham
On average, houses in London sold for almost £40,000 more compared to the previous year. Those in central London sold for much more again. Mean average prices rose by:
- More than £100,000 in Hammersmith & Fulham
- Almost £140,000 in Kensington & Chelsea
- More than £150,000 in Westminster
- More than £190,000 in the City of London