The average price of a London house is now half a million pounds

The average price of a home in London now costs over half a million pounds.

Bloomberg Business analysed residential property sales from Land Registry data, finding the average house price for every postcode and borough.

Prices rose on average by 13.1 per cent since the same time last year.

The below chart by Statista shows the rise in median sale price over the years:

Alarmingly, the cost of a house has doubled in just under a decade, from a median of £249,834 in March 2006, and only appears to be accelerating.

Holloway (N7) and North Finchley (N12) are the latest postcodes to also pass the £500,000 mark.