Have you factored the tax you would pay on any money you make? Thats 40% -- if you take this into consideration, price rises aren't THAT extraordinary...

I'm also one of the lucky one whose house price has risen by 25% over the last 2.5 years. However, it means I'd have to pay 40% tax on that delta, leaving me in no position to buy anything equivalent (let alone better) in the same area.

The only people who 'profit' are people who want to seriously downsize or leave the 'red' areas. Everyone else is on the same mad train, apart from the banks, solicitors, insurers, estate agents, 'developers' and other bubble hangers on.