The Swiss bank said foreign demand from investors seeking safe-havens, the Government’s help to buy scheme and “alluring yields” on buy-to-let investments had all “propelled London house prices to new heights” as demand continued to outstrip supply.

UBS said “caution” was warranted as London now risked a “substantial price correction should the fundamentals for estate investment deteriorate”.

“London is by far the most overvalued market in Europe, at risk of a bubble as a result of explosive price behavior since 2013,” the report warned.

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