London has been off the price scale for at least 25 years now in terms of affordability. It always was a rediculous place to buy but when people can sell 1-bed rabbit hutches in some overpriced yuppie enclave and buy a nice detatched house anywhere else in the country you know that things have just got silly. The market here is due for a significant downward adjustment but in the case of London I think it could be dramatic. Not least in view of the downturn in the so-called (largely virtual) 'service' industries of banking, insurance, property development, PR, telephone sanitising etc .