Penelope Cruz is looking for a spacious home in London, according to media reports.

The Spanish actress is said to like the idea of living in the capital and is seeking a home that meets her most important requirement.

"So far nothing has taken her fancy but Penelope is keen on having a place in or around London," a source told the Daily Star.

"She wants somewhere big enough for her whole family, should they ever want to hop over from Spain for a little break," the paper quoted the insider as saying.

Family is said to be very important to Cruz, who recently launched a clothing range with her sister Monica.

She has also been spotted out and about London over the last few weeks, attending the opening night of a stage adaptation of friend Pedro Almodovar''s film, All About My Mother.

Rocketing house prices in the city are no problem for big name stars who have been snapping up a number of exclusive properties in the capital in recent years, with Gwyneth Paltrow, Gwen Stefani and Madonna all enjoying life in London.