There is London - and then there is the rest of the country.
Yep, property in the capital is now so far removed from the rest of the UK, that it really must be considered as a market unto itself - so say estate agents.
As prices continue to increase at more than double the pace of the rest of the UK, we take a close look at just what's happening to homes in the capital:
1. London house price growth? It left the rest of the UK for dust last year
4. And just why is that? Because not enough homes are being built
In much of London the number of homes completed has decreased over the 12 months to September 2013, according to figures from the Department of Communities and Local Government (DCLG).
4. And, there are also more people
5. Also, it's not just Londoners who want to buy
6. And yet some of these 'investment' homes lie empty
Many rich investors simply don't want the hassle of buy to let, they just want an asset that will hold its value and, even better, become more valuable over time. This means there are even fewer places for more residents to live, helping to drive the property fever even higher.
"Properties in many areas of London are being snapped up within hours of being marketed," said
Alex Gosling, director of online estate agents Housesimple.co.uk.
"For many buyers, to secure a property they have to be prepared to pay thousands of pounds over the asking price to beat off the competition."
7. So it's become more difficult for first-time buyers
8. Which means more people letting - and paying rising rents
In comparison, there was 0.8 per cent annual growth in weekly earnings over the same time period - putting pressure on the finances of tenants. The housing charity Shelter has warned that thousands of people are struggling to meet costs and even using pay day loans to cover rent.
9. Which has made buy to let become even more attractive
Adding more buyers to the market as well as reducing the pool of available property.
10. So for many in London it's 'hutch up'...
Richard Donnell from Hometrack recently told the Financial Times that rather than analyse London rents by the amount of bedrooms, he now looks at the market on a “rent per bed per week” basis.
11. Or move out of London
And this is exactly what buyers are doing. “The simple mechanics of supply and demand have driven this price growth,” said , Lucian Cook, Savills UK head of residential research.
“Those priced out are looking to emerging prime markets, while others have begun to re-look at the prime suburbs and commuter towns.”
[ Demands of the foreign buyers pouring billions into London's property market ]