London Will Lead House Price Recovery - But Not Until 2012 by The Bad Credit Mortgage Centre
The Bad Credit Mortgage Centre reports house prices in London and the South East are likely to take 8 years to recover from the current property credit crunch downturn according to Savills, a leading estate agent.
The main reason for the severe downturn has been the withdrawal of credit for mortgages, especially the lack of adverse or bad credit mortgages, for people suffering from a bad credit history and not for reason of diminished demand.
The result of the credit crunch has been the tightening of banks lending criteria and the financial liquidity crises continues unabated further, as finance companies in the US such as the mortgage company Fannie Mae continue to suffer to dramatic levels. The end result in London and the rest of the country has been a severe lack of mortgages being made available for needy borrowers.
The housing and lending markets looks to continue suffering as the number of houses on the books of estate agents continue to fall according to the National Association of Estate Agents.
About the Author: 