It might be that London house prices were already overinflated - look at a comparison between London house prices and the rest of the UK: https://d1btnptfa0r0eu

It might be that London house prices were already overinflated - look at a comparison between London house prices and the rest of the UK: https://d1btnptfa0r0eu.cloudfront.net/wp-content/uploads/2016/01/160125-house-prices.png https://d1btnptfa0r0eu.cloudfront.net/wp-content/uploads/201... I don't disagree with the substance of your point, but London is far from a watertight argument.