House prices reached a new all-time high of £274,000 on average in August after surging by 11.7% year-on-year, according to official figures.

Growth in property values in London continued to outstrip the rest of the UK, with prices in the capital leaping by 19.6% year-on-year to stand at £514,000 typically in August, the Office for National Statistics (ONS) data showed.

Figures from the website Zoopla gives an average property value for Brighton and Hove at almost £350,000, up 10% on a year ago.

Prices across the country jumped by 0.6% month on month in August, which was a weaker increase than a 1.6% monthly uplift recorded in July.

Many other reports covering developments in the housing market in recent weeks have pointed to the pace of house price growth softening, particularly in London.

These reports have suggested that speculation over interest rate rises, tougher mortgage lending conditions and potential buyers baulking at some of the prices being demanded by sellers are prompting the start of a calmer phase for the housing market in the coming months.

A first-time buyer typically faces paying 12.9% more for a home than they did a year ago, with the price of a starter home now standing at around £210,000, the ONS figures showed.