What more needs to be said? He's right.
London is expensive for most, but the prices are in line with London's status as a desirable place where demand is massively high.
London creates jobs, attracts wealth and politicians do a great job of ignoring the rest of the UK and investing silly sums of money into London infrastructure. Case-in-point: the UK wants to build a High-Speed Rail line to bring prosperity to North England. So politicians decide to build this in London (which is in the wealthy South).
If you want to see crazy expensive, visit New York, where it is acceptable to live in rat-infested shoe-boxes and rely almost solely on the generousity of strangers to pay rent (tipping is aggressively enforced by the working classes in NYC). But then again, New Yorkers have the best social lives, for deprived (depraved?) people living on the bread-line.
Londoners have it easy. Stop complaining and make sure you pay your rent on time.
Read more here: http://www.telegraph.co.uk/finance/economics/10918495/London-is-not-in-a-property-bubble-says-Zoopla-boss.html