I was speaking to someone recently who has been looking to buy a family home in London. She earns £200,000+pa, and her husband maybe £50,000. Having eventually come to the conclusion that they could barely afford a slum-clearance terraced house of yesteryear, in a second rate location, they have elected to sell their small flat and rent for a couple of years to "see what happens". They are not big believers in an inevitable HPC or anything, they just acknowledge that they are priced out of anything they would want to own and are just hoping circumstances change, maybe get posted elsewhere or something. I don't see how property continues to go up from here, even in London.