Average price of property in London nears £500,000

Zee Media Bureau

The average values of home in London is likely to hit the half million mark in the month of October with average price of property nearing £500,000 in September.

As per report in BBC, the average price of a home in London rose to £499,997 in September, as per the latest figures from the Land Registry.

According to the report, the values of property across England and Wales rose by 5.3 percent at the end of September 2015.

At 9.6 percent, the prices of property in London recorded the fastest annual rise in September, as per the Land Registry adding that values rose by 1.8 percent between August and September.

The Centre for Economics and Business Research has said a lack of properties for sale was pushing up prices.