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London Accounts For More Than 25% Of All Mortgage Loans

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http://www.theguardian.com/money/2013/dec/17/london-quarter-mortgage-loans

More than a quarter of Britain's £891bn mortgage debt is secured on properties in London, according to figures which break down lending to postcode level for the first time.

The figures, which go down as far as postcode sector level, which is designated by the first digit of the second half of the code, show that a total of £227bn worth of home loans are outstanding in the capital.

The postcode with the most mortgage debt is SW11 6, in Wandsworth, south London, where households owed a collective £649m at the end of June, while in second place comes E14 9, which covers parts of Tower Hamlets, including Canary Wharf and the Isle of Dogs.

The figures came as the Office for National Statistics reported a 12% increase in London house prices in October.

Meanwhile, data for unsecured lending shows that a Leeds postcode has the most personal loans per person, with borrowers in LS17 0 owing £1,516 each. The area, which covers parts of Leeds including East Keswick and Moortown, owes a combined £2.1m. Second on the list is the Manchester postcode M3 3, where borrowers owe an average of £1,408 each.

The data from the Council of Mortgage Lenders and British Bankers' Association (BBA) shows that the lowest volume of outstanding mortgage debt is in the north-east of England, where borrowers owe a collective £26bn, this is followed by Wales where £28bn worth of mortgages are outstanding.

The postcodes with the biggest mortgage debts are those where house prices are high and there is a large volume of properties, but cash buyers are not in the majority, so the UK's richest neighbourhoods of Kensington & Chelsea do not feature in the top 10.

The figures show a snapshot of outstanding debt at the end of June 2013 and cover loans granted by Barclays, HSBC, Lloyds Banking Group, Nationwide building society, Santander UK, RBS, and Clydesdale and Yorkshire Bank, who together represent around 73% of the total mortgage market and 60% of lending to small businesses and individuals through personal loans.

Well worth reading the whole article.

Helps explain why Carney would rather talk alot that do anything about it.

The rest of the UK work to bail out these overpaid feckers. Should let London crash and burn.

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....So what I would like to know is where has all that £227 billion pounds gone?

For the debt to be created the credit must have gone into the sellers pockets.....or was a chunk of it the existing property used as a cash machine to make up falling wages or used to buy more property? ;)

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Well worth reading the whole article.

Helps explain why Carney would rather talk alot that do anything about it.

The rest of the UK work to bail out these overpaid feckers. Should let London crash and burn.

There was me thinking London was awash with cash buyers.

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