The average price for a home in London has broken the £600,000 mark for the first time in history.

Wealth manager London Central Portfolio revealed the new average price of £600,076 after analysis of Land Registry data.

According to the research, prices in the capital have increased by 14% this year and 7.9% in the last quarter of 2015, with the number of transactions also growing by 3.9%.

London Central Portfolio CEO Naomi Heaton said: “While making for somewhat staggering reading, the increase in sales is not actually surprising.

“Buyers, wanting to access the Prime Central London market, rushed in during quarter one to beat the 3% Stamp Duty deadline, which created an uncharacteristic surge.

“This one-off anomaly is likely to be steeply eroded next quarter, magnifying the contraction in sales already anticipated across the rest of the year.”

However, the trend was not reflected across the country, as average prices fell by nearly 1% to £235,844.

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