Average London house price exceeds £500,000 for first time

Temporary break on stamp duty in Covid crisis leads to boom in sales

The average price of a property in London broke through the £500,000 barrier for the first time, official figures for November show, with pent-up demand from lockdowns, a change in the types of homes being bought and two tax deadlines all fuelling the market.

In its monthly snapshot of the market – based on sales registered last November – the Office for National Statistics (ONS) showed that the average price of a home in London was up by 9.7%, to a record of £514,000.

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