Bloomberg reports that Bank of England Governor Mervyn King says UK house prices have erased about two thirds of their losses caused by the financial crisis.
While there are no “evident” signs of a recovery in the US housing market, Britain’s property prices have erased about 10 percentage points of the 15 per cent drop they endured after mortgage lending dried up in 2008, King said during questions at an event organized by the Economist magazine in New York today. Rates of arrears in the UK remain “much lower” than they were in the 1990s, he said.
The UK planning system guaranteed a lack of housebuilding, King said. The common factor between the property markets of Britain and the US is that they were driven higher by low real interest rates, he added.
Our thoughts: "not too sure where these numbers have come from - but the market has definitely been busier this year than last with prices for good homes in good locations holding up well" says Adam Offer Group MD for Besley Hill
Source propertydrum.com 26.10.10
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