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 ›
The figures come after new warnings about the risk posed by the capital's overheating housing market to Britain's economic recovery.Read the full story ›
The increases will fuel the crisis in affordable housing, caused in part by demand outstripping supply. Bank of England governor Mark Carney warned yesterday another housing bubble could slow the economic recovery.
- Prices in London rose 16.3% over 12 months compared with 4.9% in the rest of the country
- In some boroughs the increase exceeded 20%
- Prices in Tower Hamlets, which includes Canary Wharf, rose by 43%
House prices in London are going up by a staggering £4,500 a month, according to a new survey. The figures come after new warnings about the risk posed by the capital's overheating housing market to Britain's economic recovery.
The latest House Price Index compiled by the website Rightmove graphically illustrates the surge in London property values.