Average house prices in Hackney break through the half a million pounds barrier

The property market in Hackney has shown the highest leap in England and Wales. Picture: Graeme Robe

The property market in Hackney has shown the highest leap in England and Wales. Picture: Graeme Robertson/Getty Images - Credit: Getty Images

Hackney recorded the biggest year-on-year leap in house prices in England and Wales last year.

Average prices hit the £500,000 mark for the first time in December, according to figures released from the Land Registry.

The borough showed a 17 per cent increase in prices from the previous year.

The £502,000 average price in the borough compares with a nationwide average of £167,353, according to the organisation’s house index.

The Land Registry figures, which are based on completed sales, show prices in the area increased by 2.6pc in December alone.