John M - The trick is to view London, not as one city but many differen't property areas.
Some parts of London are still good for property investment, such as New Barnet, New Southgate etc (en5, n11)
Other areas such as Richmond, Clapham, Putney are now so overpriced that a good investment is hard to find, Tooting is not bad though.
If you pick your area carefully and are prepared for the long haul, then you can really go wrong with London. It's a much more stable palce to buy than other parts of the country, and I can't see house prices plumetting as London has the industry and infrastructure to attract a constant flow of people requiring property.
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