British mortgage has unexpectedly became inaccessible (Part 2)
27 February 2008The average price for real estate has grown for 10 years by 182 % - from 70 thousand to 197 thousand pounds sterling. The peak of rise in prices has fallen at last summer when Halifax has predicted a 11,4-percent annual gain. Now Halifax estimates annual inflation of prices for real estate in 4,5 %, and Nationwide - in 4,2 %. It is the lowest level since December, 2005. An amount of approved mortgage credits has fallen in December down to record-breaking low mark in 73 thousand. From July till October, 2007 monthly was on sale all about 103 thousand houses, when during the similar period of 2006 average monthly sales have made 117 thousand houses.
For 2008 experts predict stagnation in a segment from 1 to 2 million pounds and a 5-percent rise in prices for real estate, which costs from 5 to 10 million. Expensive apartments (the price from 10 million pounds sterling), predictably, will grow up in price by 8 % for a year.
Not very significant falling of prices has supported expectations, that the Bank of England at the nearest session will decrease the key bank rate by 0,25 % from the present 5,50 %. For comparison: US Federal Reserve System have lowered it to 3 %, having lowered the rate twice for the last month.
- British mortgage has unexpectedly became inaccessible (Part 3)
- British mortgage has unexpectedly became inaccessible (Part 1)
- Morgan Stanley will close the British mortgage unit
- Mortgage crisis in the USA knocks Russia (Part 2)
