Record 20% Rise For London Homes
15 July 2014, 11:39 | Updated: 15 July 2014, 11:43
House prices in London have risen by a record amount.
According to figures released by the Office for National Statistics they rose by 20.1% in May compared to the same month last year.
The average home in the capital now costs £492,000, compared to £262,000 across the country.
The annual increase for house prices across the UK is the strongest since May 2010 but for London it is the sharpest since records began in 2002.
The ONS said: "House prices are increasingly strong across most parts of the UK, with prices in London again showing the highest growth."
Figures also show prices rose by 9.6% in the South East and 8.6% in the East.
Outside London and the South East, annual price increases averaged 6.4%, the highest rate since June 2010.
The figures also show that first-time buyers face having to pay 11.3% more to get on the property ladder than they did a year ago, with the typical starter home now costing £202,000.
Every region in England saw an annual price uplift, with the lowest rate of 3.9% in the North West.
Prices overall in England rose by 11% over the year, with a 6.5% increase in Wales and 3.6% in Scotland while prices in Northern Ireland fell by 0.7%.