Sunday, Oct 15, 2006

Russian billionaires and the London house price bubble

The Observer: The Russians are here already. Damn

........For those of us looking for mortgages, a bullish housing market, if unchecked, spells the daunting prospect of a rise in interest rates. Astronomical debts and huge monthly repayments are just the kind of bad news we blame on the wave of wealthy Russian immigrants (just as, back in the Seventies, we could blame soaring house prices on the Arab influx and their petrodollars). It is the Russians' wealth and their ever-growing numbers that inflate house prices beyond our means.........

Posted by midlandred @ 12:46 PM (461 views)
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