Property prices increase by 10.2 per cent

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House prices have surged by 10.2% over the last year to reach a new all-time high of £265,000 typically, official figures show.

Property values in London have continued to increase around twice as quickly as those across the UK, with the capital seeing a 19.3% jump in prices in the 12 months to June, according to the data released by the Office for National Statistics (ONS).

The average house price in London is now just shy of half a million pounds, at £499,000, and the ONS said that “house prices are increasing strongly across most parts of the UK”.