My view (or rather a view that I read somewhere and thing is probably right) is that if a price crash did occur, London is unlikely to be affected (as much or at all) compared to the rest of the UK. This is simply due to the massive number of rich people that want to move to London.
As well as London being insulated from the worst of any crash, both because of high demand and the funny money people earn in town, if, as I firmly believe, FH is on the up, then there will be even less impact.
Besides, as long as you can afford your mortgage and are not planning to make a quick buck buying and selling or letting the properties, but are planning to make a home there long term, historical evidence shows that the long term trend is always up, despite short term dips or corrections. A while ago, I had a man from Robert Stanford round to value my house. He brought with him a copy of the property details from their archives, from the mid-70's when it was sold for ?16k. Without giving away any sensitive information, I think you can guess that it is worth many times that now.....
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