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@princeperch
Im not sure why people are so keen to spank a load of their own and the banks money buying property at the moment. Its utterly insane that people are even considering paying 300k for a modest flat at the end of the victoria line (as fine as I imagine the stow is to live in)
I say this as someone who has a vested interest in the london property market. I moved to old ford to live in a rickerty old warehouse very nearly 3 years ago, and paid 250k for our flat. Its now been valued the other week at 385k. I certainly wouldnt pay that for it but the agent assures me someone would. IMO if you only have a small deposit you would be utterly bonkers to buy in london at the moment if you can rent for roughly what the interest element on the mortgage would be.
If you are cash or have a massive deposit - well take the risk if you think its worth it. I wouldnt want to be in a position where I shit myself at remortgage time in 3 or 4 years time and the bank makes a margin call on my loan to value..