hotairmail:I think you'll find the most successful investors foresaw this coming and offloaded their portfolio's last year.
Time will show whether they were the most successful, or if they made a mistake. I guess we'll know in 5 or 10 (or even 15) years' time.
Incidentally, hotairmail, have you got any useful advice regarding alternative investments to property at the moment? It's easy to 'knock' something, and tell people that they have got it wrong, but there seems to be a distinct shortage of sensible alternatives on offer from the critics.