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450,000 Londoners Unable To Move House

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As reported in tonights London Evening Standard...


Up to 450,000 London homeowners are now stuck in their properties, unable to move because they cannot get a new mortgage to replace their existing loan.

Ray Boulger of independent mortgage brokers John Charcol blamed negative equity for most of the problem. But mortgages of more than 100 per cent and self-certified loans based on unrealistic earnings are other causes.

As a result of the credit crunch, very few mortgage deals are now available for people with less than 15 per cent equity in their homes. Mr Boulger launched a scathing attack on the financial services minister Lord Myners, who recently told the Treasury select committee that there is a "very competitive market for mortgages". He said: "It's extremely worrying that someone who is helping to shape government policy has such a dangerously naive understanding of current conditions."

At the same time, the average asking price for houses in London's most expensive areas has plummeted over the summer.

Kensington and Chelsea saw a drop of more than £100,000 between July and August while the average price in the City of Westminster fell by more than £57,000.

Across London, the average reduction was about £15,000.

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Now swear down, I have seen that many people in one beDsit in Peckham Rye :lol:

Swine Flu capital of culture 09' :lol:

Living in London this past year has been total Schadenfraude. Su4kingperb. :P

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...well, if we all wish really hard... imagining as hard as our minds will let us... then maybe the prices will go back up a little and save these poor souls....

After all, they were forced into buying properties at the prices they did... they had no choice...


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