London . . . cultured, hip, extravagant. There is no more overpriced city on the planet.
The City is bleeding finance jobs, Russian oligarchs are seeing vast tracts of their fortunes evaporate, and steel stocks (steel barons love London) are plunging.
We will shout it from the roof tops, there will not just be a slow-down, but a Biblical collapse of London housing prices. Homes bought in 2007 will prove to be one of the worst investments of all-time. We sense Tokyo in the early 90s (the housing mkt crashed after the Nikkei which peaked at Christmas time 1989).
http://www.iht.com/articles/2008/11/12/business/city.php
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