It's everywhere now but it's been here for a long time.... So once it slips it's going to get nasty for some people...There hasn't been a decent housing correction since about 1992.  It's beneficial to politicians and other members of the fiat class as you can put more people to a house and drive rents up while the general economy of actually doing things continuously stagnate. It looks good for the GDP figures, people build houses that can only be afforded by people who already own a house. This pushes up the price of land on fringes of development areas especially and the landed class of course benefit from this. So unless you are near the money spigot, own multiple houses or are selling your expensive house to move to cheaper area you don't benefit from any of this.

Once there is a crash the migrants will be gone..some even don't like here already and take the money to go because they don't get why anyone would want to say here... Because most realise it's actually very difficult to afford anything here long term. This whole housing market will crater and Bitcoin will be the only thing left standing because it's not priced in £'s. 

We had more net migration into the country in the last two years than there are people in Birmingham. Which is the UK's second largest city! I am not sure exactly you can put a Birmingham in the country every two years, the whole thing is completely nuts.