Although I take your point reverand - I believe that there are now too many individuals with the cash to buy property to allow a callapse as we have seen in the past. Whether these people are individuals who have benefitted from the property boom, buy-to-let investors or businesses, I'm not saying it's a good thing that people are priced out of the market by business/buy-to-let - its just reality.

I have a few friends in different fields of finance and the general thought is that we will see a maximum of a 10% drop in prices over the next two years in London, this only goes as far as to wipe out last years 10% growth. The market only needs to stagnate enough to scrape a few more people onto the bottom rung.

The only people in danger here are those that have bought within the last year and have a 95/100/110% mortgage - if this is you - beware!!