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London property prices have always been jaw-dropping, even for the people who live there. Now they are breaking out into an orbit all of their own.

With the most expensive house, flat and office space, London has achieved a costly triple (and do not even think about finding somewhere to park your car - you cannot afford it).

Firstly, the City of London financial district is emerging as the key hub of global finance and, in some sectors, London salaries now outstrip New York's. The sums are enormous. In areas such as complex derivatives, managing directors are making bonuses of £1.5 million on average. Some will be making much more.

Secondly, London is now one of the most popular tax havens.

Under British law, foreigners can be taxed only on their British, rather than worldwide, income. So foreign billionaires can live in Britain and pay only tens of thousands, instead of tens of millions, a year in income tax. No other big nation is so generous.

Thirdly, the rich like to club together. There is a clustering effect. So many wealthy people have moved to London that the city now has the infrastructure to support them. London overflows with expensive restaurants and shops. It teems with private bankers, lawyers and servants.

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