Friday, May 23, 2008
The Destruction continues
The Telegraph: Defaults on commercial property loans surge 400pc
The study of bank lending to the commercial property industry shows that while the amount lent continued to rise in 2007, nearly 400 loans slipped into default, up from fewer than 80 in 2006.
Posted by sold 2 rent 1 @ 08:06 AM (299 views) Add Comment
2 Comments
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1. symo said...
Remember Declan Curry was on bbc breakfast a while ago saying there is no sub-prime in the UK? Declan care to comment?
2. hpwatcher said...
no sub-prime in the UK?
Such a definition doesn't make any sense. It's a rising tide, a club - if you like - that gets bigger and bigger with the passing of each day, as the 'slump' hits greater parts of the economy.
There are probably lots of people who a year ago were regarded as anything but, but now are clearly subprime. All it takes is a big mortgage, credit card debts and then the loss of your job in banking or as an estate agent......that probably covers 45% of the people in London.