House prices in London rose by 19.3 percent to £499,000 in the last year to June, according to Office for National Statistics (ONS) figures.

This is some eleven times the average full-time London salary of £43,866. However, there are also signs that price are stabilising, with the rate of increase down from the 20.1 percent peak recorded back in May.

London prices have boomed thanks to low interest rates, overseas investors and a housing shortage. However, mortgage approval rules have become tougher and now the pound is strengthening, so some experts predict house prices will continue to stabilise.

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About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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