A house in a high-rise block of flats in the London area is a symbol of the high price tag that many locals are paying for living in the capital.

A report by housing website Zoopla shows that the average price of a home in the area is $3,600 a month, while a property in the fashionable Kensington Palace Gardens is currently worth $2.5 million.

It is the latest in a series of high-profile figures to be linked to the high cost of living in London, with the number of properties being built at a record pace.

Last month, the Government announced that the price of housing in the UK would rise by 15 per cent in 2018 and 2019, as the cost of housing rises by around 25 per cent a year.

A spokesperson for the Home Office said that the increase in rent had not been fully reflected in the prices.

“The rise in rents for new properties in England and Wales is expected to be about 0.5 per cent over the next three years,” the spokesperson said.

“We are investing in more homes to support people to live in a more affordable way and make it easier for them to move into new homes.”

“London is a world-class city and a key city for international trade, but it is not immune to the impact of the financial crisis,” she added.

“This report shows that Londoners have become increasingly aware of the cost to their wallets.”

In addition, the housing crisis is being felt across all the key industries that make up the City of London and across the entire country.