Housing bubble: Economist warns 77% chance UK houses are over-valued

Professor James Mitchell of Warwick University business school said Britain is already in the grip of a house price bubble, according to the Daily Mail, and he accused the Government and policy makers of gambling Britain's economic recovery on rising house prices ‘using borrowed money.' According to Mitchell's research there is a 93% probability that London is already in ‘bubble' territory with property values at risk of collapsing. He added the probability that properties in the rest of the UK were overvalued currently stood at 77%. Mitchell said property values in 10 of the UK's ...