British mortgage has unexpectedly became inaccessible (Part 1)
25 February 2008Decline in prices for the British real estate in January appeared less, than feared participants of the market. For three months (November - January) decline has made 1 %. But the main danger is that only one of four borrowers can now pay the credit.
Nevertheless the largest British mortgage company doesn’t think the situation to be tragic. Martin Ellis, Halifax’s chief economist is confident, that the market will remain stagnating in the nearest future, but scale landslide of prices at a national level is not expected. Insignificant fall will touch separate regions, but it will be compensated by a rise in prices in Southern England and Scotland, is confident the expert.
According to the Nationwide, second largest mortgage creditor in the country, the prices on the average have decreased in January by 0,1 % - this is third successive monthly falling. Fears concerning state of the market have spread even to the Central London, with traditionally highest prices for the real estate in the world (houses and apartments cost from 1 million pounds sterling).
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