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New homes on the way

London is on track to see 570,000 new homes in the next 10 years, more than enough to house the city's growing population, according to new research by London estate agents Stirling Ackroyd.

Hotspots in Southwark, Tower Hamlets, Islington and Hackney are set to lead home developments.

London prices heading down amid signs of 'fading' property values across the UK

A net balance of 8% of surveyors have reported falling house prices in London for the month of September according to the Royal Institution of Chartered Surveyors. This brings to an end four years of growth for the Capital.

Looking ahead surveyors are expecting to see a rise across the UK in the next 12 months but prices in London are only expected to increase by 1%. This has been blamed on new buyers acting with particular caution

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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.

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.