Labour used the latest figures to attack London mayor Boris Johnson. London Assembly member Tom Copley said:
In an interview this week, Boris Johnson said he thinks that soaring property prices are "the right problem to have". With the average house in London now worth £485,000, low and middle incomes Londoners struggling to get on the property ladder would vehemently disagree with this assertion.
Boris Johnson has utterly failed Londoners on housing over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that he is currently only building a third of the 62,000 new homes we need in London each year to keep pace with our growing city.
New figures which explode the myth of a slowdown in London's housing market are likely to be met with dismay and delight in equal measure.
The average price of a home in London hit £485,000, according to the latest figures from the Office of National Statistics.