GOOD NEWS ON HOUSE PRICES: "London house prices soar by 17 per cent to new record"

Link to Evening Standard

"London property prices have rocketed by 17 per cent in a year, putting homes further out of reach for millions of people.

"The average home in the capital shot up to a record £459,000 at the end of March, said the Office for National Statistics.

"The increase — slightly smaller than the 17.8 per cent rise in February — came as higher fares helped push inflation up for the first time in 10 months.

"The rate jumped from 1.6 per cent to 1.8 per cent, which means prices are outstripping wage rises of 1.7 per cent, forcing most households to tighten their belts. Food inflation, however, was the lowest since 2006."