What's especially striking about that chart is the total lack of a correction in 2008 in London, when everywhere else had one.

Yes we desperately need a land value tax. I'm sceptical that this government will dare to do it, but let's hope eh...

We also need to look at the ratchet mechanisms that everyone involved, from banks to estate agents to large landowners, use to prevent prices from falling, because they all benefit from their continual rise, while those of us not on the property ladder get left behind.

Prices are artificially inflated by the fact that housing has become an investment commodity, and the government threw £billions at the sector to keep those prices inflated. Foreign money has poured in because it's a safe investment and a good way to launder money.

I agree that supply is a major issue in the UK, but it's not the only driver of price. There weren't suddenly 19% more people wanting to live in London in one year, so why did prices go up by that much?