In any case hyper-inflation in the property market means that inevitably you get a lot more speculative buying.

I have a friend in Kensington with a neighbour who bought a two bed garden flat for around £370k and is trying to sell it for £500k six months later.

You also get a lot of builder types who get in at the start of the bubble by buying cheap old properties, spending a minimum on doing them up, and then selling for a comparatively huge cash profit, which can be used as a deposit to repeat the scheme in a different cheaper area.

A few rounds of climbing up the ladder like that and you can do very nicely for yourself.

So as soon as you get a bubble, you get significant market distortions because the proportion of people buying to live, as opposed to buying for profit, starts to decrease significantly.