The value of bikes stolen in the capital has rocketed in the last five years and now stands at £13.5 million in 12 months - up 30% over five years.
Thieves have taken £69 million high end bicycles since 2019, with the average value of each rising from £534 up to £833 last year.
Research by amateur cycling podcast Gel on Your Cornflakes shows the actual number of thefts has declined by almost 20% over the last half decade, but the detection rate has remained consistently bad at just 1% of thefts resulting in at least a caution or charge.
Figures from the Metropolitan Police uncovered in a Freedom of Information response show that in 2019 £10.3m of bikes were stolen in 20,127 thefts and by 2023 £13.5m bikes were stolen in 16,180 thefts.
The boroughs with the worst record for theft were led by Hackney, with 1,412, Tower Hamlets, with 1,282, Westminster with 1,171, Hammersmith and Fulham, with 1,055 and Camden with 1,024.
The year of the Lockdown in 2020, when cycling underwent an unprecedented boom with demand for bikes rocketing, proved to be a blip in the overall trend, with £19m worth of bikes stolen in 23,856 incidents.
The figures reflect thefts only, and do not include robberies where there has been violence or the threat of violence. Separate recent research showed there were more than 750 bike robberies in London in 2023 - more than 2 each day.