Have worked for an estate agent in Chelsea for the last 4 / 5 years the most expensive property for sale on their books is for £22,000,000 and the cheapest for £199,000 (which is just a room) on the rental side the most expensive property to rent is for £25,000 per week and the cheapest being £350.00 per week. Speaking to the sales manager on Friday I asked if they were selling many properties, he seems to think it is rather slow, but out in the suburbs it wasn't to bad. Then asked him about his thoughts on a bubble burst and he seems to think that no more than a slight price correction will take place, but nothing very drastic. He's spent over 40 years working in the same office and is pretty level headed and knows what he is talking about.
I would say that the majority of the rental properties are owned by registered businesses and corporates rather than individuals and your usual buy to let landlord, it's a different world in Central London with many buyers willing to pay over the asking price if there others willing to pay the same price. I think Central London prices will forever rise, as it is not your normal run of the mill people living there or buying. From what I can see, properties are mainly being bought from either Russians, Chinese, Arabs or the French....... The Mr & Mrs Jones are nowhere to be seen
