Average homes in London's top areas passes the £2m mark

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Strong price rises in areas such as Mayfair, Hampstead and Richmond have pushed the value of houses in the most sought-after enclaves to record levels, new figures reveal.

Property website Primelocation.com found that in the past year prices in Mayfair rose by 57 per cent and in Belgravia by 55 per cent, taking average houses over the £2million mark.

The average price across all properties rose to more than £1.2million.

Primelocation. com boss Ian Springett said the boom was due to wealthy foreign buyers and record city bonuses.

"People from China, India, Russia and Europe all seek to acquire quality property within the capital's prime postcodes," he said.

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This five bedroom home in Merton Park, Wimbledon, will set you back a cool £2million

"The health of the City also remains important to the market, with bonus money continuing to pour in."

The figures for London's prime areas show overall prices rose by two per cent in June alone and 33.9 per cent in a year.

Mayfair leads the property boom with 57% price rise.

Experts say this is due to fewer properties going on the market.

Overall, the number of homes for sale was down 25 per cent compared to June last year.

Mr Springett said: "Many homeowners are sitting tight, while wealthy buyers from outside the region will pay almost any price.

"As a result, although we anticipate some slowdown in price growth for the second half of 2007, for as long the imbalance of demand and supply remains, we expect significant price inflation until the end of the year."

What £2m gets you in :

• Wimbledon (pictured above): Merton Park. Five bedrooms (three ensuite), three reception rooms, kitchen/breakfast room opening on to rear gardens. Planning consent for extension. Agent: Hawes and Co (0845 231 6091)

•Kensington: Stanhope Mews. Three bedroom house, two bathrooms and shower room, reception room, kitchen, and garage. Agent: Curzon (0845 231 4483.

• Highgate: 5 Brookfield Park. Six bedrooms and two bathrooms. Agent: Benham & Reeves (020 8348 2341)

•Chelsea: Gunter Grove. Four bedrooms, two bathrooms and shower room, two terraces, patio. Agent: John D Wood (020 7352 1484.

•Barnes, Elm Bank Gardens. Six-bedroom Victorian house with two bathrooms and a shower room. Agent: Winkworth (020 8255 0088)