The monthly report shows that UK property prices have risen 10 per cent in the past year and 1.1 per cent month-on-month to an average of £221,797.

London property prices increased 5.2 per cent on the year to reach £521,383.

Worryingly, the supply of properties for sale in the UK in September dropped 14.3 per cent compared to last year and was down 3.1 per cent since August.

Paul Smith, CEO of haart, said the regions are now leading the way in UK house price growth.

“However, this is likely to only be a temporary trend as the divergence between supply and demand is much greater in London than the rest of the UK and this will eventually push up prices. In London there are 78 per cent more buyers chasing every property on the market than in the UK as a whole, resulting in a much more competitive property market. This explains why property prices in the capital have risen nearly 4 per cent in the last month, compared to just 1 per cent in the UK as a whole.

“David Cameron’s promise of 200,000 new starter homes is a step in the right direction toward helping first-time buyers onto the property ladder but turning ‘Generation Rent’ into ‘Generation Buy’ won’t be like waving a magic wand. A boost in the level of starter homes is long-awaited and much needed but it is important that the homes built are genuinely affordable. Our data shows the supply of new homes coming onto the market has fallen 14.3 per cent annually across the UK and 18.5 per cent over the same time period in London, demonstrating the need for urgent action if Mr Cameron’s pledge is to be anything more than political rhetoric.”