This isn’t a property bubble – it’s a reason to improve London’s transport
Everyone —including me, if I’m honest — has been talking about a new property bubble. But is it for real? London house prices are rising at an annual rate of almost 10 per cent, and shares in the capital’s bellwether back-from-the-dead estate agency Foxtons soared on their stock market debut last week. Yet according to the Office for National Statistics, the national rise is just 3.3 per cent, the average price of a home having only recently regained its pre–credit-crunch peak. -Outside the South-East, and hotspots such as oil-rich Aberdeen, the pattern is largely flat or even falling. Although real incomes (adjusted for inflation) have fallen over the past five years,