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Average London house price reaches £485,000

The latest figures were published today from the Office for National Statistics.

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  1. Simon Harris: Political Correspondent

Has the average London house price topped £500,000?

  • New figures suggest the average house in price in London has already topped half a million pounds
  • The latest house price survey from the Office of National Statistics put the average price in April at £485,000
  • The survey revealed an increase of £26,000 on March
  • If that pace of rising prices continues, figures for May are likely to show an average price in excess of £500,000
  1. Simon Harris: Political Correspondent

Boris Johnson 'utterly failed Londoners' on housing

Labour used the latest figures to attack London mayor Boris Johnson. London Assembly member Tom Copley said:

In an interview this week, Boris Johnson said he thinks that soaring property prices are "the right problem to have". With the average house in London now worth £485,000, low and middle incomes Londoners struggling to get on the property ladder would vehemently disagree with this assertion.

Boris Johnson has utterly failed Londoners on housing over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that he is currently only building a third of the 62,000 new homes we need in London each year to keep pace with our growing city.

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