Average property price in London passes £500,000

Property values in London continue to rise faster than 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.

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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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