House prices in london have always been expensive. That 200k house in Earls Court adjusted for inflation would be £410k now.

But back in 1990 interest rates were a whopping 14% - that means that a 25 year mortage would have cost the equivelent of £4935 each month.

Today that house is worth 1.5 million. The same 25 year mortgage at today's interest rates would be £5158 a month.

So really house prices haven't changed that much, it's just that the money is going to different places.