City bonuses increased by 30 per cent to £14 billion this year according to the latest figures from the Office for National Statistics, fuelling the continued growth of luxury home prices in and around London.

More than half of the record payout was shared between less than one million workers within the financial services sector.

Such bonuses have led to London property prices rising by around 30 per cent over the past year in comparison to the relatively slight growth experienced in other regions of the UK, the estate agents Savills recently revealed.

In addition, the Royal Institution of Chartered Surveyors (Rics) has reported that City buyers have been behind a 20 per cent growth in farmland prices over the past 12 months as growing numbers of people look to relocate to the country or buy a second home outside of the capital.

According to the latest figures from the property consultancy firm Hometrack, London was the only region in the UK to register a growth in prices in August, though the cost of an average home grew by just 0.1 per cent.