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Rental prices at an all-time high

Private sector rentals are at an all-time high. Credit: Reuters.

A major lettings network has released information showing that average private sector rent rates are at an all-time high.

Rents in the South East recorded a 3.4% year-on-year increase.

The average monthly rent in London now stands at nearly £1,200 after increasing by 3% year-on-year.

Average price of London property passes £500,000

Property values in London have surged ahead of the rest of the country, recording a 19.1% year-on-year jump and taking the average property price in the capital to £514,000.

Homes up for sale in Lambeth Credit: PA

Nationally prices have reached a new record high of £272,000 on average after rising by 11.7% over the last year, according to figures from the Office for National Statistics.

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Average London house prices rise to £499,000

House prices in London have continued to rise around twice as quickly as those across the UK, with the capital seeing a 19.3% jump in prices in the 12 months to June.

Today's figures have been released by the ONS Credit: PA

Figures from the Office for National Statistics show the average house price in London is now just shy of half a million pounds, at £499,000.

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London house prices 'to rise by 16% in 2014'

London's house prices are expected to rise 16% in 2014, putting the price of a home in the capital at £466,000, £224,000 more than the average UK home, according to new Cebr forecasts.

A shortage of housing in London coupled with high demand to live in the capital is resulting in a boost to house prices.

London house prices 'to rise by 16% in 2014' Credit: Yui Mok/PA Wire

New how that a typical house in the UK is expected to cost £242,000 in 2014, rising by 6.9% compared to 2013.