(Bloomberg) -- UK industrial property prices are facing a decline similar to that seen during a crash 30 years ago, JPMorgan Chase & Co. analysts warned. 

The bank is “factoring in a 90s-style correction,” with net asset values seen down 24% by the end of next year, analysts including Neil Green wrote in a note. Valuations slumped 22% in the early 90s, though that wasn’t as bad as the 41% drop seen during the global financial crisis, they wrote. 

The comments come as British property investors brace for a slump in asset values as surging mortgage rates and recession worries hit demand. Data released Tuesday showed UK house prices fell the most since the start of the pandemic in October.

Still, JPM kept overweight ratings on Segro Plc, LondonMetric Property Plc and Tritax Big Box REIT Plc, noting that they are already trading below “trough” asset valuations. With balance sheets “robust,” the bank’s price targets suggest about 20% upside.

--With assistance from Sam Unsted.

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