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The London housing market is exhibiting "bubble-like" conditions, economic forecaster Ernst and Young has warned. It says the average price in the capital is expected to reach around £600,000 by 2018, 3.3 times the price in the north-east of England.
Asset-price bubbles occur after swift price rises set values at unsustainable levels, which then collapse. Meanwhile, the independent think tank Civitas says curbs should be placed on overseas buyers of London property. Civitas says these are needed to rein in "rampant" house price inflation. Recent official figures from the Office for National Statistics showed average property prices rising strongly across the country.......Read more here
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