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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The Evening Standard: http://www.standard.co.uk/news/london/london-property-prices-jump-by-almost-20-per-cent-official-statistics-show-9678107.html
