Gerald Ronson has called for a return to 'good, old-fashioned property investment values' after buyers became obsessed with double-digit returns during the boom.

The property entrepreneur, who is worth an estimated £250m, said the market had become a world where 'everything was mis-priced, from properties selling at 4% yields, to the fees paid to advisers'.

Speaking at his annual lunch Ronson warned that it was impossible to predict when the market would improve, because there was still not enough transparency or trust.

Quoting the bible, the property boss added that he hoped seven years of feast would not be followed by seven years of famine.

Daily Telegraph