Interestingly, in Britain people used to talk about investing "up north" because of the stronger yields or cash flow.
This week's headlines tell us that prices have just hit another new all-time high in Britain.
This may be true in terms of the index aggregate, but that's only half of the story.
What has really happened is that London has continued to rocket ahead as we expected, and to some extent its surrounding areas in the south-east of England via the ripple effect.
Yet prices elsewhere remain below where they were 7 years ago.
The net result is an "all-time high" for the UK, but that isn't really what has happened across the regions at all.
The United Kingdom has recently been through some high inflationary periods too (hitting 5%+), so in real terms, prices in the higher yielding areas have been absolutely clobbered in real terms.
Rightmove's asking price index release for April continues:
"New seller asking prices hit new record high for the second consecutive month in London, up by 3.6% (+£19,818), with annual rate of 15.9% highest since November 2007.
London has hit a new record for the second consecutive month, with the price of property coming to market up by 3.6% (+£19,818) at an average of £572,348.
The year-on-year rise of 15.9% represents a jump of £78,713, a level not seen since November 2007, before the credit crunch."
The conclusions I draw from this are that:
-quality assets win over the long term;
-international funds eventually find their way to the major financial centres and not into remote regional areas; and
-cheap today is cheap tomorrow.