Short sellers call time on London property stocks - FT.com:
"The estate agent was waxing lyrical: “And across the river, ladies and gentlemen, rises the single tower of the iconic Battersea power station. As with the development of flats nearby we are about to visit, a little imagination is needed to visualise all four rebuilt, but of course you are all property visionaries.”
A pessimistic estate agent is as common in Battersea as a Zika-carrying mosquito, and about as popular, but the magnificent bull market in luxury London flats is ending at last. Around the power station they are whistling to stay cheerful, but the atmosphere is reminiscent of the last Canary Wharf boom. There, flats were bought off plan with 10 per cent deposits, essentially as a geared play on rising prices rather than as a place to live. Once the flats were built, real buyers proved hard to find, and prices plunged."
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