Hi, recently had a closer look at London/UK, and seems the lead up to the GFC was still an early stage in their peaking cycle, with the 5yrs after being a consolidation phase, then a subsequent leg up, and now possibly into another consolidation phase. This along with near zero interest rates, think they along with few other regional markets such as Aust, will head for another rise.
Doesn't seem uncommon for property cycles to reach and stay at 2.5 - 3 x CPI fair value for number of years, assuming all other things equal.
