The main ongoing tax associated with owning a house is what is called council tax. This tax covers all the amenities provided by the local(town/village) and county council such as street maintenance, libraries, street lighting etc. Each house is classified into a band ( A,B,C, etc). All houses were placed into bands by valuations made some years ago and these bands do not depend on the current or future house prices but on the property's current address. I don't live in the area you mention but currently in the Sussex, Surrey area I'd be surprised if you could get a house for £200,000 for a family requiring at least two bedrooms but of course I am wrong if you have a specific house in mind which is currently advertised at £200,000.
We are at the start of a "property market price correction" in the U.K. I have every reason to believe that property prices by the next autumn/winter( 2009) will have fallen. I take it you mean 2009 and not this year.
There's no question that London is where the high salaries are. It is also where the highest house prices are and the most hassle in terms of commuting etc.
Those who have lived in the South East within say 25/30 miles of London all their lives might regard that area as the best place to live and I have no means of comparing London and the South East/South coast with what you are used to in Italy but the overall quality of life may be better in other areas if you can secure a job outside London and the South East. The world and his uncle seem to live and work in London and it shows in terms of congestion, pace of life etc.
I live in the South Midlands near where the two main motorways called the MI and M6 join and on a Sunday evening and I have seen close to traffic jams caused by the rest of the country driving back to London from the Midlands and North for another 5 days of work. This is still some ^amin
When I visit there occasionally, one day is enough!