But where else in the UK is the property market thriving?

Much to the delight of those taking their first steps on the property ladder in London, new research from Rightmove has shown a 3.5% fall in house prices. Since July 2017, one and two-bedroom houses have seen the greatest price drops, whilst three and four-bedroom houses have managed to retain their price at just over £700,000.

This gives new hope to the 47% of millennials who recently told Royal Bank of Scotland that they had given up on their dream of one day owning their own home.

According to the Rightmove study, the areas in London with the most significant price drops this year are Hackney (-3.5%), Ealing (-3.4%) and Hammersmith & Fulham (-3.3%), with Southwark, Hounslow and Hillingdon showing the least change in their house prices.

Whilst London is certainly a sought-after area to live and work in, according to property consultancy Hometrack and their head of research Richard Donnell, there are pockets across the UK with thriving property markets.

In research carried out by Donell for The Telegraph, there are five 'hotspots' around the UK that are growing in popularity: 

1. Forest of Dean. The easy access to major motorways and proximity to Bristol, Cardiff and Gloucester make this an attractive area for commuters. Average detached house price: £306,305 (Rightmove)

2. Thanet. Boasting Georgian architecture and a large concentration of listed buildings, Margate and Ramsgate are becoming popular with those wishing to move away from the hustle and bustle of London living. Average terrace house price in Margate: £224,750 (Rightmove)

3. The Cotswolds. Like Thanet, much of the Cotswolds attraction stems from its natural beauty and outstanding scenery. Average semi-detached house price: £315,611 (Rightmove)

4. Kettering/East Northamptonshire. With transport from Northampton to Euston only taking an hour this area is becoming popular with families and commuters wishing to live outside the capital. Average house price across the county: £250,451

5. Rutland. Education in this area is a huge lure for families. With excellent public schools in Uppingham, Oakham and Oundle and equally respectable state schools in easy reach, the beautiful scenery is a bonus for Londoners craving greenery and space. Average detached house price: £437,027 (Rightmove) 

If you're thinking of moving or wish to know more about what property your finances could afford you, please speak to one of our advisers.