A rather thin and sensationalistic piece. While everyone would love for property prices to crash, share prices to collapse and everything to become miraculously cheap again, nothing mentioned hints at this.
Oil prices? Might have driven the run up in properties in Mayfair but are all these owners suddenly going to hit the market to sell as they desperately need cash? I don't think these buyers are particularly hard up.
Similarly, the 8k debt figure is across the UK. Not really relevant to those spending £1 million+ in central London.
Yeap, it's depressing for buyers in London, SF and NY. Either figure out how to make a high salary or don't try climbing that ladder!