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Prices of £1 million-plus houses in central London were up 1.6% in May, four times the rise in April.
Upmarket estate agent Knight Frank says that is a strong sign of a recovery in the market, with Mayfair and Marylebone London's strongest performing locations.
"We have even seen some bankers back in the market after a noticeable absence", it notes.
Houses of less than £1million are up 2.7% since March.
Liam Bailey, head of residential research at Knight Frank, said: "There has been a steadily improving picture in the central London market in recent months with buyers growing in number and deals beginning to shift upwards. There is no question in terms of sales activity the central London market is unrecognisable from where it was six months ago."
The very top end of the market - £10 million-plus - is getting busier.
"Russians that have managed to retain their wealth [are] buying in the best locations as they are keen to place their cash in the UK," claims the estate agent.
Knight Frank confirms the return of gazumping. The so-called sealed bid system - where buyers jostle to snap up properties by guessing what others may be willing to pay and bidding in private - is being used for the first time in 18 months, especially at the top end of the market.
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