Over 10,000 streets have an average property value of over £1m and 500,000 homeowners are now 'property millionaires'. Are you one of them?
A storage cupboard in West London has gone on the market for an eye-wateringly high price.
Homes in London cost an average of £42,000 higher if they are within five minutes' walk of a station, a survey has found.
Transport for London says:
"While TfL recognises the increase may not be widely welcomed, it is vital to maintain the effectiveness of the scheme. The increase will ensure the charge remains an effective deterrent to all but the most essential journeys into the centre of London.
"It will also contribute an additional income of £82.7m over the course of the next five years, which will be re-invested into London’s transport network – including modernising London’s roads infrastructure."
The 17 per cent increase fro commercial vehicles is an unfair tax on businesses which have no option other than to use the city’s roads, says Freight Transport Association.
It also complains that there are no charge-free breaks in the daytime to encourage deliveries to be made outside of rush hour.
– Natalie Chapman, Freight Transport Association
Commercial vehicles making essential deliveries, such as keeping the capital’s shelves stocked and supplying London’s hospitals should be exempt from the Congestion Charge. But not only are they forced to pay to use the road network in Central London, they have now been unfairly clobbered with a bigger rise than casual users of the scheme.”
Londoners' reactions to the congestion charge increase this morning ranged from 'ridiculous' to 'worth it'.
– Garrett Emmerson, Transport for London
The £1.50 increase is the first since 2011 and is in line with inflation. The Congestion Charge over the last decade has reduced traffic levels by thirty percent and this increase will continue to deter unnecessary journeys into central London.
– David Leam, head of infrastructure at business group London First
Congestion in London is getting worse, so charging is needed to help manage it. Fundamentally, there’s not enough space on London’s roads to meet growing demand. The Mayor is right to explore the feasibility of new underground road tunnels, but he should also explore options for more sophisticated road pricing – for example by distance, time of day or place – if we are to keep the capital moving into the 2020s.
The congestion charge increases from ten pounds per day to eleven-pounds-fifty this morning.
Campaigners say price-hike is a regressive step that will hit small businesses, but Transport for London says it will ensure the charge 'remains effective in managing congestion'.
The new fee comes into effect from 7am.
A freight train carrying ten tonnes of parcels will be arriving into Euston tonight. It is part of an experiment to test the feasibility of using more rail freight to move customer goods - a way of reducing carbon emissions and road congestion.
Network Rail predicts a doubling of freight on Britain's lines over the next 30 years.
Doctors and patients in Tower Hamlets are protesting today over cuts which could lead to the closure of fifteen surgeries. Ministers are phasing out a scheme which guaranteed a minimum income for small GP practices. A hundred of them are threatened with closure across the country.
Property prices in England and Wales have increased by 12% since they bottomed out five years ago.
According to figures from the Land Registry, average the value of the average home stood at £169,124 in March this year.
That is up from £150,490 in April 2009 - the lowest point following the crash that began a year earlier.
Price increases have been quickening as the economic recovery has taken hold, with stronger demand leading to a surge in values.