One bedroom flat in London

[Bagpuss]

Point taken Bagpuss but its 'meeja' land hereabouts.

Prices in 2002 (in the street I was then living in) were around 220k. I guess people will pay it on the off chance they get to bump into Rula Lenska in Sainsbury or Ant and Dec in the pub .

I'd pay not to bump into those guys

[Dow Jones]

Dead right

Flats under 250k in London (in 'cool' areas with bars etc) are supposed to be pretty solid due to the 'divorcee' market - i.e blokes mid 40's with half a house worth of cash and looking for some action.

Spot on mate.
Islington is a prime example. Heaving with bars and restaurants and no obvious signs of price falls. Very few new developments (hence no over-supply) and no lack of buyers. Same in Hampstead, Kensington and a few other places. IMO, in London/South East it's going to be the new towns in East London, Kent and Essex and all the outer London 'riverside' newly developed houses/flats that will suffer big drops.

[BrilloPad]

The soothsayers were predicting the doom 3 years ago, it's taken the majority that long to catch up,

So they were wrong then?

What do they predict now? Cos I reckon the opposite will happen.