Odey: House price crash is on the cards

UK house prices are still "right at the top of the cycle" and could be subject to a painful correction, according to Odey Asset Management founder Crispin Odey.

Odey (pictured) told the Evening Standard this week the UK was in a depression, not a recession, and said house prices needed to fall sharply before the country could begin to recover properly. The hedge fund manager said property prices could fall by as much as 50%, and pointed to the US as a country which "understood" the need for lower prices. "Property is ludicrously expensive. House prices are right at the top of their cycle. I think they could crash. I am not saying it will happen immediately, but I do think they can drop by half. "House prices are not stable. They have a cyc...