Most regions of the UK are already in a house-price
bubble, according to an economics professor from Warwick University. Prof James
Mitchell said house prices were overvalued when compared with incomes, raising
the risk of a fall at some stage in the future. Of 13 regions in the UK, he
said 10 were currently overvalued. "The results raise the risk, although
not the certainty, that house prices will fall," said Prof Mitchell,
although he said it was difficult to say when that would be. "But a bubble
it appears to be and we should all - householders, business people and
policymakers alike - be alert to this risk." Read more on the BBC website.
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