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GOOD NEWS ON HOUSE PRICES: Daily Telegraph: "London houses now cost more than £500,000"

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"A leap in the price of London homes in the year to July has seen their average value above £500,000 for the first time, official figures showed.

"Buying a typical home in the capital set buyers back £514,000 in July, as the average property value jumped by 19.1pc in the year, and into a higher stamp duty bracket.

"... For those looking to get on the property ladder, the combined figures indicate that the average first-time buyer has a salary of £51,500, while a typical deposit comes in at £33,400."

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