The average London home has risen 12.8 per cent or roughly £60,000 in the past year.
Data from property website Home says the biggest factor in pushing up prices continues to be a relative shortage of stock.
It claims August recorded the lowest number of properties entering the market for that month since the onset of the financial crisis in 2008.
In London and the East of England, the volumes of properties entering the market are down 15 per cent and 18 per cent respectively year-on-year - but they are down a remarkable 75 per cent and 73 per cent respectively on August 2008.
However, the south east has shown growing strength in the past six months, with prices rising by 6.1 per cent (actually faster than London during that same period).
Marketing times in the south east - the period between a home advertised for sale and the vendor finding a buyer - have been the lowest in the country since February.
Yet in the north of England marketing times are considerably higher than in the south and prices are not rising appreciably.
Overall, Home says the mix-adjusted average asking price for England and Wales is 6.5 per cent higher now than it was in September 2014, with further rises expected before Christmas.
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