If you are London based, you should also factor in that London real estate’s qualitative transformation in the last 40 years. It used to be real estate, you kno

If you are London based, you should also factor in that London real estate’s qualitative transformation in the last 40 years. It used to be real estate, you know, local people buying homes to live in. Now it’s one of the best performing asset classes in the world. You aren’t competing for property with your mates with a big inheritance. You are competing with dodgy oil money that needs to be laundered and more honest international investors told to diversify. The rule of law is a precious and rare component of legal infrastructure, so a lot of money is diversified into jurisdictions with strong guarantees. I’m generally a pro-market person. In the case of UK real estate, I support a ban on non-residents buying property similar to what Canada have.