Us and the US
The US perspective on the UK housing market is beginning to make interesting reading. As the Americans ruminate over the wreckage left by their burst housing bubble they are looking at the UK market with something akin to morbid fascination. Two main threads emerge from US reporting, firstly that the UK market has already seen the peak of its cycle and, secondly, that UK sub-prime lending has been no less imprudent than that which in the States led to the recent crunch in global credit markets. Indeed, Bloomberg recently suggested that the UK sub prime market was even more at risk because of higher personal indebtedness and a record gap between the current and the long run average ratio of incomes to house prices. In the meantime we Brits reassure ourselves that the fundamentals are OK and there is a shortage of housing supply which must result in a shoring up of values. Only time will tell who is right.....
Compliance Officer for Legal Practice
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