These figures show the average price of a house in London from 1986, when the average property in the capital cost £55,000.
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.
A decrease in asking prices has led experts to suggest the capital's soaring property market may be at its peak.
Asking prices for houses in London have gone up by 7% since last year, the biggest jump in the country.
The new figures from Rightmove show the average house price in London is more than £500,000.
London is leading the way when it comes to rising house prices in Britain. 22 of the 33 London boroughs have set new records for the average house price last November. The biggest increases were in the boroughs of Enfield Greenwich and Hounslow
Buyers looking to invest in property in London next year may see prices rise by 11%, according to the Royal Institute of Chartered Surveyors.
The increase is being blamed on a shortage of homes coming onto the market.
Prices in the capital are rising faster than elsewhere in the country, with the national average rise just 8%.
Property prices in the Capital have had yet another bumper month according to new figures. The Land Registry figures for September shows prices went up by 1.9% in just one month - an annual increase of 9.3%. It takes the average property in London to £393,462.
Council flats near Borough Market have been bought at auction for almost 3 million pounds - making them the most expensive ever sold. But as Dan Hewitt reports, squatters have moved into the property in protest against the sale.
Property prices in the capital have had yet another boost according to new figures from The Land Registry.
- Figures for September show prices went up 1.9% in just one month.
- This means an annual increase of 9.3%.
- So the cost of the average property is £393,46.
The research by Rightmove put much of the increase down to a"frenzy" of activity in parts of inner London as overseasinvestors look for a safe haven to place their cash, which is "leaving theshelves bare".
But in his Telegraph column today Mayor Boris Johnson defended foreign investors, writing:
"It is true that London is now globally recognised as such a desirable city that its property is treated effectively as another asset class – a safe investment in a turbulent world.
It is also true that this phenomenon has helped – I stress helped – to buoy property values and to fuel the anger of professional people who cannot live in districts where their parents grew up, and who cannot see how their kids will ever be able to afford to buy in London.
But the answer is not to try to persecute rich foreign investors with new mansion taxes, or complicated and unenforceable taxes on the tiny proportion of homes they leave empty. The answer to house-price inflation is to build more homes – as we can, on London’s 33 brownfield opportunity areas."