Saturday, April 19, 2008

Subprime Britain is like the US

Subprime map of Britain adds to concerns

Britain may be more at risk of a US-style housing slump than previously thought, according to the first detailed UK map that shows where subprime mortgage lending is concentrated.

Posted by doomwatch @ 11:08 AM (762 views)
Please complete the required fields.



One thought on “Subprime Britain is like the US

  • last_days_of_disco says:

    Just clicking around on the interactive map, by the way, its pretty good., but I noticed they have % BTL for each area.

    Its uttery shocking the levels of BTL.

    London E (whatever that is) has 28.5% BTL. This means shows how crazy crazy BTL has got. It represents an enormous percentage
    of the mortgages. I can’t see how that is sustainable at all. Based on the analysis I have seen referred to by this site. Most of the BTL
    guys are living in lala land which means they are going to default. So sub prime lending looks by far the “safe” option of the two (sub prime vs BTL — if you were a bank). Get rid of the BTL mortgages off your books first, then worry about the sub prime folks (which will
    be a media nightmare and you need a judge to throw a family out on the streets — not going to happen).

    Guy with a several low paying jobs who works hard and makes his payments, ok, I can dig that. Guy with an Assetz ‘property millionaire’ portfolio in east London is utterly doomed. And then there is the political situation there, which is slipping further and further out of control.

    Half of the properties are probably un-let, which is an easy option. Maliciously repossess and sell those properties at a deep discount to recoup some losses and get back your liquidity. If I was a bank I would move immediately, last one there loses worst. Going to be loads of properties going for a song at auction. Hope to meet some HPCers at auction ;-). The government could give east london families a hand to get on the property ladder by paying the 15% deposit they need on a vastly cheaper property at auction. Now there is a government give-away I could get behind.

    Why can’t we get some *real* vote buying socialists in charge when you need them. 😉

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>