The average house price increased by 0.5 per cent to reach £260,140 in the capital, the start of a predicted 8 per cent rise by the end of the year, with demand still profoundly outstripping supply.

Applicant numbers are at record levels with buyers upping sticks and braving a big move in what could easily be the fulfilment of their New Year’s resolution.

Winning the Olympic bid, and the resulting regeneration within the East London ‘Olympic Zone,’ has also fuelled this growth, as have the City bonuses which have been pumped straight into property.

There is a yin and a yang to this kind of growth though, and first-time buyer levels have slipped further to just over a quarter (26 per cent) of the market share – something which is directly attributed to the rate rise.

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