It cost double to purchase your home if you are a first time buyer in London compared to anywhere else in the country.

The average price for a flat has increased by £75,074 in just five years and rising faster than any other property type in the country.

Over the past decade the number of homes sold for more than a million pounds has increased by 73% even with depressed market demand.

Homeowners desperate to sell their property are marking down the price by an average £24,947 from the original asking price.

Official statistics confirms the first fall in London’s annual house price growth of -1.0% since September 2009, the lowest in the country.

Over the past two years house price growth has exceeded earnings for a fifth of homeowners by as much as £52,000 in some areas.

London is the worst performing region down 1% for the year while house price grow across the country is subdued.

Annual house price growth in London is only one percent with property values falling in 42% of postcodes in the capital.

Half of the regions in the country have posted falls in house prices for the month with the North East reducing -5.5% over the month.

Properties in the South West of England are rising at 7.5% over the year compared to the slowest region of London with growth of only 2.5%.

The rapid rise of house prices in cities has outstripped earnings and means affordability levels have reached a ten year low.

The number of home movers reached 370,300 the highest level for 10 years thanks to low mortgage rates and demand for homes.