I agree things are weird, perhaps weirder than at any time in history. Things have often been much worse in the past, of course, but the economy today is simply bizarre with the stock markets at record highs and cryptocurrencies booming and NFTs and SPACs and…
Still, it is possible to answer the question. We are not yet at the top because supply is still drastically curtailed and the ECB is priming demand by flushing money through the system.
The top is when supply meets demand. It could be followed by a crash if the ECB mistimes its next move, like it did in 2008/09.
Some sectors might reach the top sooner e.g. demand for small city centre apartments might decline due to WFH just as supply of these apartments comes on stream. But that demand will shift elsewhere e.g. to houses near larger towns might attract WFH refugees from larger cities.
The Pin was created to warn about the last bubble but too many posters here wrongly assumed the pandemic would collapse our housing market last year. I don’t think we have a bubble now - the situation is entirely different to 2006.
A bigger risk is that we will have a return of general inflation i.e. all prices will rise because more money is chasing the same amount of goods & services. We don’t see much of that yet but people have forgotten the misery of stagflation.