"So, we may have been a little distracted by the boom in estate agents, dark inventory, and London houses earning more than their occupants to see what was really going on.
In fact, London is in the grip of a terrible and deep housing bust that has only just begun to turn. Greater London house prices, adjusted for inflation, are fully 27 per cent below their peak in the summer of 2007.
The chart uses ONS quarterly data for the Retail Price Index (which doesn’t include housing costs), and the Halifax regional house price index for Greater London.
We were inspired to put it together by the Nobel Prize for Professor Robert J. Shiller, who was always one to look at assets like house prices in a calm and rational long term context."
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