Live updates

Average London house price soars to record £500,000

The average cost of a property in London has rocketed to a record of half a million pounds.

The figures released today by property website Rightmove revealed the average asking price in the capital was typically £509, 870.

This figure means London asking prices are more than double the national average, 8.6% higher than a year ago.

The North saw the strongest monthly increase, pushing typical asking prices to £152,689.

The report adds to several studies which have pointed to seller confidence lifting amid signs that home buyers are finding it easier to get access to a mortgage.

The study quoted an estate agent in London, which has had strong interest from overseas buyers, describing activity levels as "ridiculous".