Reported in today's Telegraph and across the globe, was the probably unsurprising news that London property has overtaken Hong Kong when it comes to high end, new build, house prices.

The cost of a new build home situated in the  UK's capital, has risen by 16% over the last year, according to a report by property group, CBRE. The index has Hong Kong and New York in second and third place, with prime property costing £1,950 and £1,800 respectively.

Jennet Siebritis, head of residential research at CBRE, cites the intense supply and demand imbalance in London as the main factor driving up prices in the city, which has increased in population by one million people since 2004.

In contrast, the population of New York remained static.