Despite forecasts that London’s city workers will see their Christmas bonuses fall by an average of 16%, the city bonuses are still estimated to reach a total of £7.4bn. Experts believe that over 70% of the money invested in property will be channelled into overseas properties.

Alistair Powell, CEO of Seven Continent Investment, said: “This year, a decline in bonuses is widely anticipated and the property market has wavered slightly. However, there have already been signs that city workers will be looking to invest in property. We have seen a 17% rise in enquiries this month, as workers focus on maximising their bonus on investment opportunities rather than splashing their money around.”

Chris Carter, sales director of property portfolio specialists Property Brief, said: “City bonuses will again help to support the London market both in terms of buy-to-let and upgrading main homes. We expect the prestigious locations popular with these city workers, such as Chelsea and Knightsbridge to deliver the best rate of growth in the New Year.”