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Property prices in New York are in their own league, driven up by some people earning humongous amounts of money and that it’s a World capital city. Both of these things are also true of London - so perhaps the rise is prices will continue.

Very few people own their own house in Z?rich as most of the property is owned and let out - people don’t have the option to buy. This is could become the same in London - think how many people have bought-to-let over the last few years.

This is, of course, all guess work and I’m sure there are very few people, if any, who know what’s going to happen.

I read a newspaper article a few months back that had four properties which had sold for ridiculous amounts of money.

One was a small, on-street public toilet, another was a one room beach house (?120K IIRC).

When I bought my house 2 years ago the media was full of predictions of a crash, but prices have risen 15%-20% per annum ever since. You won’t get that in any building society, and my ISA has been doing that in the other direction.

I wish I’d bought a more expensive house - the gap between my modest one and my next purchase is rapidly growing.

And yet the Bank of England still maintains that we will enjoy a gentle levelling off of house prices.

So who knows? I believe that if you have a gut feeling that something is being sold for an unrealistic price, then that probably is the case.