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.
A growing number of businesses in London are being evicted so their buildings can be turned into flats.
It follows a change to the law, which means full planning permission is no longer needed to convert commercial property in new homes.
Some councils are now criticising developers taking advantage of the situation to make a profit from the capital's booming housing prices.
Islington Council's executive member for housing and development, Councillor James Murray, said: "I'm very frustrated by the planning minister's decision to stop us doing what's right for Islington.
"We're already seeing small businesses and charities being evicted from offices to make way for bedsits. People in Islington are losing out on jobs, affordable housing, and any community benefit."
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 ›
The annual increase for London house prices is the sharpest since records began in 2002.
House prices are increasingly strong across most parts of the UK, with prices in London again showing the highest growth.
- Prices rose by 9.6% in the South East
- 8.6% in the East
- Outside London and the South East, annual price increases averaged 6.4%
House prices in London rose by a record annual rate of 20.1% in May, according to the Office for National Statistics. It means the average home in the capital now costs £492,000, compared to £262,000 across the rest of England and Wales.
New figures show how much one square metre of property in London costs. See the price in your area in our borough by borough breakdown.Read the full story ›
One in three Londoners fear having to move out due to the rising cost of housing in the capital.
A new survey by the Chartered Institute of Housing found that 34% of people agree they might have to leave their local area in the future, because the cost of housing is too high.
That's compared with 20% across the rest of the country.
The survey also found that 3 in 10 people living in London are concerned about being able to pay their rent or mortgage and 36% said concerns about housing costs are causing them a great deal or a fair amount of stress.
The survey also showed that Londoners are more unhappy with their homes than the average person in Great Britain.
18% per cent say they are very or fairly dissatisfied with their home compared to just 12% across the nation.
A decrease in asking prices has led experts to suggest the capital's soaring property market may be at its peak.Read the full story ›
The average house price in the Capital has risen to £592,763, an annual increase of 16.3%.Read the full story ›