The Office of National Statistics (ONS) has released data showing London average house prices are over £500,000 for the first time.
The average price of property in London has increased by 19% and England and Wales increasing by over 9% in the last year.
Office of National Statistics (ONS) data shows house price inflation reached 10.5% in May the highest level for four years.
The regulators are introducing tougher tests for home buyers based on affordability to prevent mistakes leading to the financial crisis.
The Office for National Statistics (ONS) have reported UK house prices are up 9.1% in the last year to February 2014.
The British Bankers’ Association (BBA) has said mortgage approvals are up 57% on the previous year and the highest since September 2007.
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