The Land Registry’s latest figures indicate that the average price of a home in London rose to £499,997 in September.

Property prices have been rising consistently, and the typical value is likely to reach the half a million mark this year.

House values throughout England and Wales rose by 5.3% in the year to the end of September, the data also reveals, with the average home at £186,553.

London prices recorded the fastest annual rise in September, at 9.6%, the Land Registry said. Values rose by 1.8% between August and September.

At the opposite end of the spectrum, house prices in the North East fell by 0.3% from a year earlier, pushing down the average price in the region to £99,559.

This means the house price gap across England and Wales is now £400,438.