Rising demand for homes in the United Kingdom pushed prices to an all-time high this September, reflecting a continuing shortage of properties on the market and increased demand from wealthy buyers.

A report released by Rightmove Plc on Monday stated that home prices in London rose by 2.2 percent in August, reaching an average of £620,003. Nationally, house prices rose by 0.9 percent to an average of £294,834 across the United Kingdom, marking the largest increase in 13 years.

The figures come days after British Prime Minister David Cameron faced questioning from the new Labour Party leader, Jeremy Corbyn, regarding the housing crisis, and ahead of this week’s meeting of Bank of England officials, which will review potential risks to financial stability after more than six years of record-low interest rates. According to Rightmove Plc, house prices are rising year-on-year by 9.5 percent in London and 6.4 percent across the United Kingdom.

Miles Shipside, a director at Rightmove Plc, said, ””Demand from those who can afford to buy remains high against a backdrop of low supply, coupled with a 6 percent increase in the number of properties coming onto the market compared to the same period in 2014, which is leading to overheating in some parts of the market.”

In London, certain boroughs performed best, such as Southwark, Kensington, Chelsea, and Richmond-on-Thames, each of which saw an average increase of 8 percent. Rightmove Plc said that if London property prices continue to rise at the current pace, the average home price will reach £1 million by the end of 2020, and prices in 15 boroughs will rise to more than double the national average across the United Kingdom.