Britain's Olympians and Paralympians are travelling through the capital to celebrate the huge medal hauls of both teams.
An official memorial has been opened to remember a Red Arrows pilot who died when his plane crashed after an air display in Bournemouth.
Children who designed a memorial to honour a Red Arrows pilot have seen the structure taking shape for the first time.
They have always had a special place in people's hearts in this part of the world and this year the Red Arrows will mark fifty years of stunts in the skies.
It's an anniversary that's tinged with sadness. Two of the team were killed in accidents in 2011.
One of them was Jon Egging who died while taking part in the Bournemouth Air Festival. A memorial made in his memory was designed by local school children in the town.
Well as the team look to the future and a very busy 2014- they're at the Farnborough airshow, Cowes week and Goodwood just to name a few events- they'll also have a brand new look as Matt Price explains.
The Red Arrows team will perform a special fly past at the Combined Ops military weekend at the Headcorn Aerodrome.
The Red Arrows will also be joined in their flypast by the RAF's Sea King.
The military weekend will take place on August 17 and 18.
Since the Red Arrows' creation in 1965, the team have flown in more than 4,000 displays in 52 countries.
They are now renowned throughout the world and act as ambassadors for Great Britain.
A report into the death of a Red Arrows pilot who died following a display in Bournemouth has been passed onto the coroner.
Flight Lieutenant Jon Egging was killed when his jet crashed into a field near Throop in August last year. The Military Aviation Authority says it's now completed its investigation. An inquest date has yet to be fixed.
It's been the summer of all summers. The Queen's Diamond Jubilee - and thousands of street parties; the Olympic Torch - travelling to towns and cities across our region - and, who could forget the Gold Rush - the remarkable achievements of our Olympians and Paralympians at London 2012.
Today, it was a chance to celebrate - as our sporting heroes paraded through the streets of London, cheered on by wellwishers. Also there, the gamesmakers - the volunteers who made the events so special.
Team GB won 65 Olympic medals, in total - 29 of them, gold - the best gold haul since 1908. Our paralympians won 120 medals - 34 of them gold. Phil Hornby joined today's victory parade.
A large-scale mural of Flight Lieutenant Jon Egging, who lost his life while completing a display at the Air Festival last year, will be on display at the Bournemouth International Centre during the Air Festival. A video of local artist Soap creating the mural is also being shown.
The 20ft wide image shows the Red Arrows in flight alongside a picture of Flight Lieutenant Jon Egging.
The Red Arrows are getting ready for their display at the Bournemouth Air Festival this morning.
It's a year since one of their colleagues died in a crash after a display at the show.
Flight Lieutenant Jon Egging's aircraft crashed near to the town's airport.
The Red Arrows return to the Bournemouth Air Festival today - a year since one of their colleagues died in a crash after a display at the show. Flight Lieutenant Jon Egging's aircraft crashed near to the town's airport.