Categories:London,Real Estate,UK

Average London home now costs £363,000

The cost of a home in London climbed by the biggest amount in more than a decade, says Nationwide in its latest house price index. The building society estimated that in the first quarter of 2014, average house prices in London rose by 18 per cent compared with the same period last year. The average home in the capital now costs £362,699. The gap between house prices in London and the remainder of the UK has become the widest since records began in the 1970s as the north-south gap in property shows no signs of closing. In London, the borough of Brent witnessed the strongest year-on-year growth, with average house prices up by 31 per cent at £465,502, followed by Lambeth, which recorded annual growth of 30 per cent, pushing up the average price to £496,729.

Residential prices across Britain increased by 9.5 per cent in March compared with the same month last year, the highest rise in almost four years. The average property across the UK is now £180,264. Regions in the south of England recorded the fastest gains in property values. Prices in the outer south-east areas were up by 10.1 per cent year on year, while those in the outer metropolitan areas rose by 10.6 per cent to £273,998…

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