The lust of rich men for real estate in Chelsea, Kensington and Notting Hill remains undiminished by rises in interest rates that are fast subduing the mood of other homebuyers. The prime Central London property market rose by 3.1 per cent last month, bringing the annual rate of growth to 34.5 per cent, the highest since 1979, according to Knight Frank, the estate agent.

Houses valued at £4 million-plus are the top performers, up 43 per cent over the year. Nationwide’s figures for the whole of the UK show average annual growth of 10.2 per cent, a result that is itself skewed by the ebullience of the capital.

Liam Bailey, Knight Frank’s head of residential research, acknowledges that he underestimated the sheer weight of cash that would seek out white-stuccoed town houses, or supersized “lateral” apartments. He says: “We saw growth of 30 per cent last year and expected 15 per cent; the surge in demand means that we have raised our forecast for the whole year to 25 per cent.”

Prices in the capital’s prime neighbourhoods have surged on a lack of supply, although there are signs that more properties are coming up for sale, as landlords cash in their gains.

But most owners of houses in such private equity property-porn add-resses as Landsdowne Road in Notting Hill and Pelham Place in Kensington do not need to sell one home before they buy another. They see London as a safe haven, a view unshaken by recent terrorist incidents, and believe their bricks and mortar assets will appreciate over the long term.