Average prices in London have broken through the £600,000 barrier for the first time, according to the latest Your Move house price index.

The agents found that home values in London rose 11% year-on-year in April to £600,625 – more than any other region, while prices in nine out of ten regions reached record levels.

The north-east is the only region that didn’t set a new peak and holds the lowest average property in the UK at £156,592.

Overall house prices also had their highest year-on-year increase since December 2014, up 8.9% annually in April to £298,030.

However, sales were unsurprisingly down on a month-on-month basis after the stamp duty rush in March, at 47,500, which is 20,000 less than expected.

Adrian Gill, director of Your Move and Reeds Rains estate agents, said: “This acceleration in home values comes when many had expected house prices to dip due to a natural decline in demand from buy-to-let and second-home buyers.

“However, after an exceptional March, there is now a severe shortage of properties on the market, with fierce competition between buyers for each available property. Clearly, the Government’s offensive against landlords has not eased the way for other buyers.”