Illuminating new research from Knight Frank/Citi Private Bank has discovered that London is officially the most expensive city in the world in which to buy property. London has fended off traditionally expensive cities such as New York, Tokyo and has even outstripped prices in Monaco.

The research suggests that pricing for £1 million plus homes has been fuelled not only by wealthy foreign individuals (59% of the luxury property market in London) but also by the large City bonuses on offer.

The top 20 most expensive cities to buy a property (£ per square foot) are -