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GOOD NEWS ON HOUSE PRICES: Daily Telegraph: "London house prices rise at a record 20pc rate, official figures show"

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"House prices in London rose by a record annual rate of 20.1pc in May as overall growth in the UK climbed to 10.5pc, official figures showed today, prompting experts to say the market in the capital has moved "from hot to hyper".

"The average home in the capital now costs £492,000, compared to £262,000 across the country, according to the Office for National Statistics (ONS).

"... A cooling of demand for mortgage credit in the past two months has been put down to new rules, under the Mortgage Market Review (MMR), that require lenders to make more rigorous checks before issuing loans. But this trend has not been reflected in the ONS figures."

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