According to two leading City banks, England is now facing a full-scale housing crash, compounded by the Bank of England decision to hold interest rates at 5%.
Top analysts at Citigroup and Dresdner Kleinwort indicate that a property slump is now gripping the UK, with mortgage credit dried up, lending criteria tight and the number of products on the market slumping.
Economists from the banks said that a ‘serious housing crash’ has started, with interest rates and rising inflation making the situation severe. These experts compared the situation with the slump of the early 1990s. Buyers are simply struggling to find mortgage loans .
Yesterday, the Bank of England decided to maintain interest rates, ignoring pleas for lower rates. The falling value of the pound, and increasing food and energy prices forced the BoE to maintain rates. For some mortgage borrowers, falling house prices could create a situation of negative equity .
News for mortgage holders - house price crash is here
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News for mortgage holders - house price crash is here
Fri, 09 May 2008
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