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London Commercial & Residential Overvalued

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http://www.cnbc.com/2016/07/18/brexit-why-sterlings-plunge-hasnt-made-uk-property-a-bargain.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=103795227&yptr=yahoo

The London residential sector was particularly vulnerable to a severe correction as Brexit was likely to force job relocations, Societe Generale said, citing data showing the segment's prices had surged more than 60 percent over the past three years. It also pointed to data from PwC that indicated a Brexit could lead to 70,000-100,000 fewer jobs in the financial services sector and 950,000 job losses overall.

"Given the current 12 times price to income ratio in London, we believe a price correction of even 40-50 percent is possible in some of the most expensive boroughs in London," it said. "This is where most top executives from overseas companies chose to live, and these are people whose relocations are likely to have the greatest impact on their specific market."

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