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Thinking of setting your first tentative foot on the property ladder? Make sure that you've been saving up since you were born, as the average cost of a house in the capital is now £400,000.

Nationwide have confirmed that the average cost of a house in the UK is £188,903, but London's prices are well over double that.

Unsurprisingly, those looking to buy in the capital are not best pleased.

Speaking to the BBC, James Hall, director of London estate agents Fishneedwater, said that buyers were becoming more savvy as prices rose.

"There are already signs that buyers are starting to say enough is enough," he said. "A few months ago, buyers were offering silly prices on some very average properties, but the silly season in the capital seems to have passed.

"Buyers are now taking their time, and making fair offers."

However, it's not all bad news if you still want to buy but you're willing to relocate - The Land Registry revealed last week that prices were still falling in some areas of Wales and the North West of England.

Image credit: Thinkstock


Average London property prices top £400,000 for the first time
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