London House Prices Hit £500,000 Average

The average cost of a property in London rose above £500,000 for the first time in October. Land Registry figures showed that the cost of homes in England and Wales rose by 5.6% in the year to October, up 0.4% from the previous month. London saw the biggest rise in the last 12 months, with the average property value up 10.6% and the average cost of a home in the capital at £503,431.