LONDON – The UK property market fell fast and far when a global financial crisis erupted in 2007, rippling out from a subprime US mortgage market which was stuffed full of risky loans. The average UK house lost 20% of its value in the 16 months to February 2009, and transaction levels – which had averaged 1.65 million a year in the previous decade – plummeted to 730,000 in the 12 months to June 2016. A report from property advisors Savills says the impact of the crisis – which pushed the UK into its deepest post-war recession – is still being felt in the UK housing market, with new homeowners increasingly reliant on “the Bank of Mum and Dad,” existing homeowners struggling to trade up the market, and a recent squeeze on mortgage limits slowing growth. Lucian Cook, director of Savills residential research, said: “The global financial crisis has fundamentally changed the nature of the UK housing market. It’s made getting on the housing ladder heavily dependent on the Bank of Mum and Dad or Help to Buy, has meant homeowners trade the housing market less often, and has placed much greater demands on the private rental sector.” Here’s how…. Read full this story
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