House prices in London have risen by an average of 16.3 per cent in the last year according to new figures.

The Rightmove survey shows that the average asking price in the capital is up by nearly £80,000 yet – or £4,500 a week.

The national average, excluding London, is £1,500 a week highlighting the disparity between London and the rest of the country.

The national average asking price is 8.9 per cent higher than a year ago.

Rightmove director and housing market analyst Miles Shipside said: “May is a traditionally bullish price rise month, though this year’s 3.6 per cent jump beats the previous May high of 3.2 per cent set in 2002.

“A late Easter in the heart of the house-hunting season has not only concertinaed the traditional hottest home-moving period by several weeks, but also stagnated seller numbers, further stirring up prices in areas of buoyant demand.”