According to economic forecasters wealthy foreign buyers are responsible for the high demand for luxury property in London.

Rightmove, stated that record numbers of houses are being put on the market for sale with near-frenzied buying sending asking prices to record levels.

The Office for National Statistics stated that the London property market had seen price rises of 11.6% in November 2013.

UK house prices rose in 2013 fuelled by first time buyer demand, say Nationwide, raising the average house price to £176,500.

Property prices in London have increased by 10.6% in the last year significantly above other regions in the UK.

The number of loans approved by banks has reduced along with an unexpected fall in house prices for the month.

Figures released by the Halifax show prices are up 6.9% annually but ONS data suggest this is slowing.

Latest data from the Land Registry shows property prices are rising in all regions in England by a 3.4% average.

The CEBR expects house prices to rise as Bank of England reveals mortgage approvals are higher.

House prices in London are rising at a faster annual rate compared to other parts of the country and benefits families in the capital.

London property prices are up by 9.7% for the year to July after strong demand from overseas investors.

Property prices are up by 3.5% according to Nationwide as mortgage lenders offer more competitive loans.