London homes increased in value by more than twice the average person’s income last year, figures show.

The typical value of properties in the capital rose by £63,000 in the last year, reaching an average of £458,000.

The surge came amid record rises in home prices across the country, according to figures published on Tuesday by the Office for National Statistics (ONS), prompting warnings of “runaway train” increases. Experts said the rise in London prices was particularly “extraordinary” when separate figures issued on the same day showed that inflation had fallen to a four-year low.

The

A house has gone on sale in Lincolnshire for £7,000, making it potentially the cheapest home on the market in the UK right now.

The terraced house in Gainsborough has been badly fire damaged and generally badly kept, but would be perfect for anyone looking for a big renovation project.

As well as two bedrooms, the property contains a fairly spacious kitchen, a bathroom complete with a three piece suite, and a lounge. It’s double glazed throughout and is believed to have access to mains water, gas and electricity. It also has a small backyard with an outbuilding.

The low asking price for the

Some of you might have noticed that our website looks a bit different today! 

Over the past few months, we've been asking some of our members how they would improve the design and functionality of UK Auction List, and we hope that you approve of what we've done!  As well as launching a brand new, more user-friendly design of the site, we have simplified the Property Search, by removing the UK Map, and providing just a region and county search, along with the ability to select a minimum/maximum price range together with multiple property types.

If you're a subscriber, you'll also find that the

A ground floor shop in Halifax shrouded in mystery due to being inaccessible ahead of the recent sale for Auction House West Yorkshire, has sold for more than £25,000 with bidding having started at just £5,000.

Auctioneer David Pank said, “The appetite for properties in need of work is insatiable. We had no idea what this property in Ovenden Road was like inside before the sale, as nobody was able to enter the building. We were told by neighbours that it was in a very poor condition but this did not put off the buyers. At £25,250 you could easily have got the most fabulous bargain if you were

Bidders from Greece, France, London and throughout the Symonds & Sampson region competed strongly for all of the properties at the firm’s latest auctions in March with one buyer flying over from America especially to attend.

Auctioneer Mark Lewis said “We anticipated that the auction in Sherborne would last for about half an hour but there were so many people bidding, 62 bids were taken on one lot, that we took an extra 15 minutes.  Buyers were not only keen but they were in good spirits and this bodes well for the monthly auctions that we have lined up for this year.”

There was a mouth

Britain's most expensive field was put up for sale for an astonishing £30 million.

Parkwood Estate is currently a 77 acre patch of open land but has planning permission to build a spectacular 33,000 sq/ft mansion.

The property would be 30 times the size of the average new home with ten bedrooms, a library, cinema, spa, staff accommodation and an indoor swimming pool.

After building the new home for around £15 million, it is thought the estate will be worth as much as £100 million potentially netting the owner a £50 million profit.

At this price, Parkwood Estate would be the most expensive

London house prices in the first quarter of this year were up 18% compared with the same period in 2013, and prices in the capital are now 20% above their 2007 peak, Nationwide said.

"The gap between house prices in London and the rest of the UK is the widest it's ever been," according to Nationwide's chief economist, Robert Gardner.

However, the figures show that house prices are surging in other cities too. Prices in Manchester have risen by 18% over the past 12 months, while prices in both Brighton and Cambridge rose by 14%.

In contrast, prices in Sunderland rose by just 1%, and in Coventry

House price growth is showing "tentative signs of moderation", according to the UK's second biggest mortgage lender.

Nationwide said house price inflation was slowing, on both a monthly and quarterly basis. However, when measured annually, price growth accelerated in March, with prices up 9.5% from a year earlier.

Meanwhile, the gap between house prices in London and the rest of the UK has reached a record. Average values in the capital are now more than double those in the rest of the UK, at £362,699.

The overall average house value in the UK now stands at £180,264, the highest since January

Acuitus’s March auction vividly illustrated the new buying power in the auction room: the sale raised £51m with lots selling at an average price of £1.3m with one achieving £9.55m in the room.

The ground rent investment interest in the Debenhams department store in Station Road, Harrow was the object of sustained bidding before the hammer came down at £9.55m – reflecting a net initial yield of 4.08%. The property is let to Nominees of the M&G Property Portfolio until 2074 at a current rent of £412,500pax.

“The scale of the price achieved meant it was a special moment at the auction,” comments

Prince Charles has warned that predicted house price rises for London are not sustainable and risk driving away young talent.

The Prince said the hope of home ownership for those starting their careers in the capital was becoming further and further out of reach. He was speaking as his organisation the Prince's Foundation for Building Community launched a report which suggested that mid-rise buildings could be the solution.

Addressing the Housing London Symposium, in east London, the prince said: "The National Housing Federation estimates that in only six years' time the average London house