Property prices increase by 10.2 per cent

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.

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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).

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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”.