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Valuations in Europe are still not attractive".
Mr. Barrow also pointed to what he called crazy valuations in convertible bonds.
"Investors had decided that valuations in tech were too inflated and needed to be adjusted.
The valuations in many areas are looking a bit extended and investors need to be careful".
But valuations in Japan are in line with the global norm.
"Valuations in Canada tend to be more muted than on Wall Street," Mr. Melluish said.
The first broad look, announced Wednesday, listed average home valuations in 63 communities.
Valuations in these stocks "are now clearly stretched to bubble-like levels," he said.
"I've never seen relative valuations in a sector as low," he said.
Desktop valuations in April suggest that the flat is now worth as much as £540,000.
That alone probably justifies the trim applied to stock-market valuations in the past few days.
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