Since the cap on bonuses was lifted last year, some individuals are likely to have received significant lump sums very recently –  bonuses are generally expected to amount to between 40 and 100 per cent of bankers’ already generous annual salaries. Moreover, it’s said that employers are opting to pay higher bonuses rather than increase salaries in the current cost of living crisis, so this years’ bonuses are likely to be higher than last year’s. Bonuses have traditionally been linked to rising property prices at the upper end of the scale in London – but is this still the case?

As we all know, the property market is currently reacting to the significant increase in interest rates over the past few months. It’s a turbulent time, and traditional truths don’t necessarily hold weight right now. While property prices in London are holding up – they are in fact slightly up on the same time last year (by 0.7%) – the average property in the capital has depreciated by 2.3% in the last month, and is now valued at £672,961, according to Rightmove’s figures.  August is usually a relatively quiet month as many people are on holiday, but buyers are also concerned with inflation and the highest base rate since 2008 – plus, it’s important to note that average prices are still 19% higher in London than they were in August 2019.