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.
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.
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.
An estate agents has calculated that residential property in London is now worth over £1.5 trillion.Read the full story ›
A single storey, 640 sq ft garage near Stoke Newington has a gone on the market for £359,950.Read the full story ›
- London and the South East are continuing to record the strongest annual growth
- England remains the only UK country where property prices are higher than their pre-financial crisis peak, now standing at 10% above their previous high seen in 2008
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.
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'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.
New how that a typical house in the UK is expected to cost £242,000 in 2014, rising by 6.9% compared to 2013.