Transaction levels getting back to normal as London prices hit double the UK average

After a 1% rise in June to take the annual increase to +11.8%, average UK property prices have now breached their 2007 peak, says Knight Frank.

As reported last week, London's price growth is calming down a bit: PCL prices went up by just 0.2% in November, taking annual growth down to +6.9%.

No price correction predicted, although "there is no precedent for the current market" says Savills research chief