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@NickCJ
It depends what you're buying. I know that for my flat I wasn't competing against cash buyers, but normal people like me who needed to get a mortgage.
However, I also think that the days of London property being seen as a good place to park a load of cash won't last forever, especially if other asset classes start to show higher returns. Don't forget that you could have made more money last year on the FTSE 100 or S&P 500 than some of the fastest-appreciating London property (2-bed flats in Islington etc.). My hope is also that stamp duty begins to be charged on foreign buyers and corporations, but that's a dream really...