Interest in million-pound London housing has “boomed”, says Coutts, with 13% more sold in the second quarter of this year than the 10-year average.

On top of this, properties in this class are 7.8% more expensive compared to Q2 2021, while the average discount secured on a transaction is just 6% – the lowest seen since the banks’ research on his metric started, in 2016.

Overall, prices are still below their 2014 peak, but by just 6.7%, which Coutts says shows “the million-pound property market in London is bouncing back with the window of opportunity to buy something ‘cheaply’ closing.”

Regarding the price difference between properties in inner and outer London, the bank says this currently sits at 58% (weighted towards the former), which is up from 49% at the start of 2022.

Coutts real estate investment service director Katherine O’Shea says: “Competition for luxury property across the capital is fierce this quarter as buyers are keen to snap up prime property.

“Whilst the ‘race for space’ that defined the pandemic is still being seen, central London is bouncing back. With the capital in full swing, homeowners are keen to be at the heart of the action.”