"Average London house prices rocketed 19 per cent to over £500,000 in the 12 months to July 2014, according to the Office for National Statistics.
The average property in the capital is now valued at £514,000, up from £432,000 in July 2013. Prices in the South East also experienced double-digit growth, rising 12 per cent to £337,000 from £300,000 a year earlier."