London prices continue to surge ahead

Indeed, property prices in the capital have held their value better than the UK average since 2007, with average prices currently only 4% below their peak compared to 13% nationally.

Around half (49.5%) of London’s homes are occupied by their owner; the lowest owner occupation rate in the UK (64.3%).

Outright ownership is also the lowest in London, at a fifth (21.1%) compared to 30.8% nationally.

Martin Ellis, Halifax economist, said: “As a leading global city, London provides major economic, social and cultural benefits not just to those who live there but also for the rest of the country.

“Employment growth has been higher than elsewhere in the UK in recent years, while average earnings in the capital are 32% higher than the UK average.

"On the other hand, living in London is more expensive than in any other region. So perhaps it not surprising Londoners, on average, also have the lowest savings in proportion to average earnings in the UK."