London house prices surge by 18% making gap between London and UK widest ever

London house prices are leaving the rest of the UK for dust, as they surged by a mighty 18% over the last year. This was double the national average for the UK, which was up 9.2%, figures from Nationwide show.

While the average UK property now costs £180,264, the average London house price is now £362,699.

Nationwide chief economist Robert Gardner said: “The gap between house prices in London and the rest of the UK is the widest it’s ever been, both in cash and percentage terms.

“Overall, the southern regions have been outperforming for some time, with the result that house prices in London, the Outer Metropolitan and Outer South East have now surpassed their pre-crisis peaks.”