A look at the medium term

Perhaps the last few years might tell a different story. A plausible consideration given the unprecedented global events since the start of the new millennium - the burst of the dot com bubble, the threat of the US recession, 9/11, the stock market crash and the conflict in Iraq.

Whilst these clearly have been "anni horribilis" for all investment markets, price growth for London property has been much more robust.

This is largely due to the relative illiquidity of this asset class and the genuine utility of "brick and mortar", which inhibits the knee-jerk reaction that other markets can exhibit.

London Central, as an investment market, also has an added control mechanism. If the market overheats, yields reduce and investor activity cools-off.