Rock the Casbah
If you think that the road to recovery in the UK property market is somewhat rocky then spare a thought for Dubai. With prices down 50% from their debt-fuelled peak the Dubai dream has lost a lot of its lustre. By comparison the property market in Blighty looks rather good!
Of course, not all Rocks are bad. A fact born out by the EUs decision to allow Northern Rock to be split into a “good” bank and a “bad” bank. Mortgage Finance Gazette reports this will allow the State-backed “good” Rock to more than double its mortgage lending from £4bn in 2009 to £9bn in 2010. Which is good news for the UK housing market going forward. With the supply of credit continuing to be squeezed in 2010 any increase in lending should help underpin a modest growth in the number of transactions. However, outside London and the South East don’t expect much by the way of real price increases. A flat (ish) market is more likely. Not so much Rocky as undulating. So you see things do seem to be getting a bit better.
Anyway, since this is the last of our ramblings for 2009 here’s wishing all our readers a Very Merry Christmas and a Happy New Year. Hope to see you in 2010.
Compliance Officer for Legal Practice
Andrew oversees the Firm’s Quality Systems and is committed to making sure that our client’s receive the very best customer care and attention along with the best marketing and legal advice in the area.
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