I can understand having to pay a additional premium for a property that is located in what we might perceive to be a "nice" area. But when over a period of time the same property increases in value by 4 or even 5 fold then you have to ask yourself what has really changed during that time to justify it? If the size of the property and the plot of land it sits upon remain unchanged, how can it be worth so much more? Properties that cost around ?200k in the early 90's are now commanding close on a million pounds. If you knocked them down they wouldn't cost anywhere near a million to rebuild them on the same plot. Quite simply I think all properties are way overvalued regardless of area. No surprise then that we have so many property developers getting rich quick.