The capital continues to be the most active and thriving area of the UK property market, according to a new report, with prices growing by 2.5 per cent in July.

Property agent Knight Frank states that prices in London are now 20.6 per cent higher than they were this time last year, providing good news for homeowners considering selling a property.

One of the reasons behind the booming prices is City workers spending record bonuses, creating a high level of demand which is exceeding supply.

Liam Bailey, head of residential research at Knight Frank, said: "Prices are continuing to increase as a result of the serious shortage of available stock in prime areas of central London.

"The market has significantly fallen at a rate greater than that of demand, hence the lasting price increases."

Popular central areas of the city have proved to be the most in demand, with Kensington and Notting Hill experiencing price growth of 3.7 per cent in July.

It is anticipated that sellers may soon begin to take advantage of the high level of demand and increasing prices, as Mr Bailey predicted that market appraisals last month could lead to a number of new instructions as autumn begins.

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    Carol McDonald