The prediction came as the pipeline of high-end developments selling for more than £1,100 a sq ft in the capital was estimated at £38bn of work over the next decade by EC Harris.

The figure means the total floor area of new work planned is the size of the Stratford Olympic Park.

The annual EC Harris London Prime Residential Development Pipeline report shows that 125 schemes are currently at various stages of site acquisition, planning and construction equating to a total floor area of nearly 20 million square feet.

This is an increase of approximately 70% from last year’s report.

EC Harris believe 2016 will be the peak year for construction with schemes totalling 3,800 units coming to market in that year alone.

Two of the largest schemes in the pipeline are the major regeneration schemes planned for Earls Court and Battersea Power Station.

Mark Farmer, Head of Residential at EC Harris said: “The size of the pipeline is a reflection of a massive vote of confidence in London and in UK plc and will have only been enhanced by this summer’s Olympics showcase.

“The timing of future schemes and rate of delivery will always involve an element of conjecture. What is undeniable though is the sheer size of the pipeline based on current sentiment which is staggering.”