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.
Asking prices for property in London have seen the largest monthly drop across England and Wales. According to website Rightmove, the average figure in the capital is just over 550 thousand pounds - that's almost 6 percent lower than in July. There has, though, been a 20 per cent year-on-year jump in the number of newly-marketed homes.
Today is the final day of a consultation regarding building a new hub airport in the Thames estuary. London Mayor Boris Johnson wants to create an artificial island for the project. he says it would increase flight capacity and improve the capital's economy.
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.
Traffic is stuck in a 13 mile queue on the M25 between Waltham Abbey and Enfield because of an accident between two lorries, a fuel spillage and recovery work.
Two lanes are closed anticlockwise between Junction 25 and 26 and cars are now stretching one mile beyond Junction 28.
Travel time is estimated at two hours.
The demand for new homes and jobs in the capital is such that we must be ready to start redeveloping Heathrow the moment it moves to its new site. And the sooner we start planning the better. We asked our architects to be as creative as possible and these designs illustrate strikingly different visions of a Heathrow of the future. However the key point is that all these scenarios would potentially create some of the many thousands of new jobs and homes this city will require given London is expected to increase in size by a fifth within the next 15 years. How we deal with that is something we need to be planning for and debating right now. Those discussions must not be delayed.
Designs, from three firms of architects, include proposals for new park land, scientific research centres and a factory for modular housing units to make it easier for people to build their own homes.
- Hawkins\Brown - This is the one that includes the factory-for-homes plan. Online customisation would allow Londoners to order homes to their own specifications as is common in a number of European countries, where 'self-build' is a popular way of creating new homes
- Rick Mather Architects - Their proposal would see the Heathrow site evolve to become a new hub city by working with the existing structure and using the terminals as generators to development. The former runways would define the structure of the city and connect 10 distinct local centres.
- Maccreanor Lavington - Their vision for Heathrow City aims to develop a fully functioning city within the metropolis, characterised by a rich mix of ecology, culture, employment and liveability. Existing buildings would be used to establish fresh development and new forestation is laid down.
Architects have come up with designs for 'Heathrow City', a 190,000-home town that would spring up if the west London airport closes. Supported by London Mayor Boris Johnson who backs a Thames Estuary airport to replace Heathrow, the redevelopment of Heathrow could potentially support 90,000 new jobs and add £7.5 billion to the UK economy.
For many Londoners struggling to get a foothold in the burgeoning property market, waking up to the news that property prices have risen again will feel like groundhog day. The likelihood of owning your own home is becoming an ever more distant dream for too many Londoners.
People are crying out for serious leadership on housing in London. Boris Johnson has utterly failed in this regard over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that on his watch London is currently only building a third of the 62,000 new homes we need each year to keep pace with our growing city.
These figures show the average price of a house in London from 1986, when the average property in the capital cost £55,000.Read the full story ›