Greater London property prices have now breached the £600,000 mark for the first time, according to LCP’s (London Central Portfolio) Land Registry analysis.

Demand is being driven by record low mortgage rates and beneficial falls in basic rate Stamp Duty.

The firm reported: ‘A largely domestic market, generally unaffected by the relentless introduction of new taxes that are slowing growth in the prime boroughs, prices in Greater London increased 14% over 2015 and 7.9% over last quarter. Volumes of sales were also up 3.9% compared with the end of last year.

‘England and Wales, however, is showing no signs of the recovery being enjoyed by Greater London. Outside the capital, prices have fallen 0.87% over the preceding quarter, with average prices now standing at £235,844. Sales volumes have also fallen 4.5% versus the previous quarter.’