I think that more than ever, a lot of local estate agents are really taking the piss, i.e. 3 bed houses in SE15 in uninhabitable condition, with ludicrous asking prices which they will surely never acheive. Just because some smug git with gelled hair says that your house is worth a million, you shouldn't necessarily believe it. It's not indicative of the wider London property market, which is currently increasing at around 11% year-on-year.