The average value of one-bedroom properties in Prime London has risen by over £60,000 in a year, following a 14% annual growth, according to new research from estate agent Marsh & Parsons.

The average value of a one-bedroom property in Prime London is now £502,139. In Prime Central London, covering the areas of Chelsea, Kensington, Notting Hill, Holland Park and Pimlico, the average price of a one-bed has risen to £583,036.

Demand for one-bedroom properties is high among first-time buyers, spurred on by low interest rates and Help to Buy. One-bedroom properties also generate very high rental yields, so make popular purchases for buy-to-let investors.

Prime London property overall has risen by 1.6% in the past quarter, and by 10.3% in the past year.