The number of offers, an important gauge of buyer sentiment, has been more than 5% above the five-year average in recent weeks, excluding the impact of various stamp duty holidays in 2021.

At the same time, London continues to outperform the rest of the UK, which is a testament to the long-term stability of London property. In the three months to November, the number of new potential buyers in London was 7% above the five-year average, while the number of new potential buyers in the UK as a whole fell by 10%.

In addition, according to Knight Frank, there was a 5 per cent increase in the number of house exchanges in London over the same period, but a 16 per cent drop across the UK.

Prices fluctuated slightly as sellers hesitated during the recent period of economic uncertainty. Average house prices in prime London fell by 1.8% in the year to November.

It's rare for the housing market to be stronger in November than in September, triggered this year by the simple fact that the economic outlook has improved over the past three months.

Inflation has fallen below 5%, the best five-year fixed-rate mortgages are now below 4.5%, and speculation around bank rates is increasingly linked to the timing of the next cut rather than the size of the next increase. Homebuyer sentiment is buoyant, spawning a long overdue autumn peak.

In addition, according to the Savills report we pushed earlier, London rents have increased by 31% since 2021.

Rents in London are likely to rise by another 5.5% in 2024 and then 2.5% to 3.5% annually, the report said. Rents in London are set to rise by 18.2% by 2028.

In general, both the sales and rental market, the overall performance of London property, especially the prime location market, has been very stable.