Date published: 2007/08/24
The Financial Times says:
Fears are growing that the fallout from the US subprime mortgage meltdown will hit house prices in central London, one of the world”s hottest high-end property markets.
Prices for "prime" homes in the most expensive streets of the capital have risen about 50 per cent in the past two years as a financial services boom has enriched bankers and other professionals in the City of London.
But the global market turmoil unleashed by the US subprime collapse is threatening activity levels at banks in the City, and London property agents are warning that high-end residential prices could suffer as result.
Why should we "fear" this "fallout"? Not only is the market irrelevant for 99.9% of the country, but prices have gone crazily up, so it would only be some sanity returning if they fell back somewhat. And should anyone care if some millionaires paid too much for their London mansion last year?
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