Pounds city! The average price of a home in London now more than half a million pounds – figures

Astonishingly, the average cost of a home in England’s capital – London – has now hit the roof top, surpassing the £500,000 mark – according to official figures.

The office for National Statistics reports that property prices in the metropolis leapt by 19.1 percent in the 12 months between last year’s July to this year’s; far more than growth witnessed in other parts of the country, which saw prices jump by 11.7 per cent to £272,000.

In June this year, the average London house price stood at £499,000, but by July, the typical house price was £514,000.